Abundance, ShareSolar unveil GBP-10m cashback scheme for solar owners

UK ethical investment platform Abundance and new firm ShareSolar Plc today announced a GBP-10-million (USD 14.5m/EUR 12.9m) scheme that will allow early solar adopters to convert their future feed-in tariff (FiT) payments into an immediate cashback sum.

The programme is open to more than 300,000 UK households that installed solar panels before the FiT was cut in April 2012. According to the announcement, they will get a cash sum upfront averaging around GBP 11,000 that the companies behind the scheme hope could be invested in battery technology, energy efficiency or an electric car.

"This is a genuinely innovative way of creating a virtuous circle from domestic solar investment," commented Bruce Davis, Abundance co-founder and joint managing director.

Investors in the scheme are meanwhile offered an effective rate of return of 6.5% over a 20-year term. Investments start at only GBP 5.

Abundance and ShareSolar, which is owned by environmental entrepreneur Lawrence Buckley, seek to raise between GBP 400,000 and GBP 1.3 million in the first tranche of the programme.

The households will continue to use the solar electricity generated and will keep ownership of the panels. They will also get free ongoing maintenance of the equipment for the remaining FiT period.

(GBP 1.0 = USD 1.450/EUR 1.292)

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