U-TV (Ireland): A UK first was made today when a bank launched substantially discounted mortgage borrowing for those who install solar power. The `Solar Mortgage` from the Ulster Bank will do its bit for climate change and reducing the carbon footprint of householders.
It will offer a discount of 50% off the bank`s variable rate for three years, to both new and existing customers, to cover the cost of purchasing and installing the latest solar photvoltaic [PV] technology. The bank has teamed up with leading solar energy company, Solarcentury and the package includes full management of supply and installation and support of the customer through any building control, planning or grant applications.
Ulster Bank head of mortgages , Derek Wilson, said: “This new product will help make installation of solar panels much more affordable and cost effective and provides reassurance to homeowners because the whole process is managed by a pre-approved, high quality supplier and installer.”
Derry Newman, chief executive of Solarcentury, said they were delighted to be working with the bank on the new offering which made solar power more accessible and affordable. “Solar photovoltaic technology is a clean, reliable and readily available alternative to fossil fuels, which generates clean electricity, producing power directly from daylight,” he said.
Dr Andy McCrea, director of Northern Ireland`s renewable energy champion, Action Renewables, welcomed the new mortgage. “I would urge homeowners to consider the product as a convenient and cost-effective means of reducing their carbon footprint,” said Dr McCrea.