It Is Possible to Get Compensated for Mis-Sold Solar Panel Loans

The popularity of solar power as an electric source for homes in the UK may be attributed mostly to its economic benefits. Solar panel companies are aggressively convincing homeowners to take out loans in order to finance their purchase of the energy-saving power grid.

Solar energy is produced when solar panels, directly hit by sunlight, capture the photons of the sun’s rays. The photovoltaic (PV) cells in the panels act as inverters to generate direct current (DC) electricity and convert to alternating current (AC) electricity that can be used in households.

Solar panels are expected to pay for themselves by producing excess energy that can be transferred to the National Grid, in addition to lowering energy costs for generating their own electricity. Household feed-in tariffs (FIT) of roughly £5.24 per unit of electricity can be earned by selling excess power to the government.

Sales agents from solar panel companies use the promise of feed-in tariffs (FIT) as the final resort to make a sale. Prices for the renewable energy source may not be as affordable but the cost for a solar panel system for a regular household, which is around £5,940, becomes seemingly a wiser choice when agents hard-sell it with bank financing.

Oftentimes, situations like this result in mis-sold solar panel claims.

Patrick and Valerie Jennings from Bedfordshire took out a solar panel loan for £8,995 that was (mis)sold to them by an energy firm that told them that their interest per year would only be 0.79%. What they were actually charged per year was 9.5%, an interest of £4,971 on a ten-year loan. They took £8,000 from their Premium Bonds to pay off their debt.

The Jennings family were awarded £4,928 by the bank that provided their loan when they filed a complaint with the bank.

In 2017, three financial institutions that are considered leaders in the banking and finance sector received 3/4 of the 2,000 mis-sold solar panels complaints. By 2021, a total of 7,000 have complained to the Financial Ombudsman Service about their mis-sold solar panel loans.

Advantages of solar panels

Experienced solar panels experts at Claim Experts are certain that these sales agents knew that the feed-in tariffs and energy cost savings would easily convince their target market to buy the equipment even if they had to borrow the money to do so. If it is not as affordable, why would somebody prefer solar energy over traditional electricity? Keep in mind, however, that there are benefits of using this alternative power source for your household:

  • It reduces your consumption of standard electricity, which also reduces your electricity bill. It also can give you ROI on the equipment cost because of the feed-in tariff, provided that you sign up for it.
  • It does not emit harmful gases and does not use fossil fuels to sustain its power. It comes from a natural source that is sustainable. As long as the sun is around, solar panels can and will work.
  • The panels last 25 to 30 years and are usually attached to the roof and do not have any moving parts. This lessens the risk of the equipment breaking down, unless caused by severe weather conditions.
  • Households that are off-the-grid or constantly moving (i.e. mobile homes) and those that do not have access to the national grid can have electricity for as long as they have access to sunlight.
  • It can help the economy by maintaining a steady price range of the product, which will discourage the purchase of imported electricity. An imported power source has an unstable cost as this depends on the product’s supply and demand.
  • Around 16,000 workers make a living with the jobs they hold in the solar industry. It can create jobs for solar panel manufacturers, installers, and sales agents.

Mis-sold loans

The Jennings family were promised that they could earn £19,500 over 20 years and were forced to agree to the loan because of the sense of urgency that their agent made them feel. They were told that the FIT were being reduced by the government in a few months, and that they needed to make the decision right away. Although this was true, head of Renewable Energy Consumer Code (RECC) Virginia Graham said that “disreputable” sales agents have been using this tactic to push unsuspecting individuals into signing up for something that isn’t necessary for them.

Making a claim

If you believe that the company that sold you the solar panel equipment intentionally misled you about the loan, complain to them or to the financing firm that loaned you the money. Ask them for your Mis-Sold Solar Panels Compensation.

If everything else fails, turn to Claims Experts; their mis-sold solar panel experts can help you get back what the solar panel and financing companies owe you.

EAN Content

Content shared by this account is either news shared free by third parties or sponsored (paid for) content from third parties. Please be advised that links to third party websites are not endorsed by Estate Agent Networking - Please do your own research before committing to any third party business promoted on our website. As an Amazon Associate, I earn from qualifying purchases.

You May Also Enjoy

Breaking News

UK house prices growing by 2.5% according to Halifax

Nathan Emerson, CEO of Propertymark: “This slight dip in house prices will likely have been influenced as a direct consequence to the current state of the global economy. There will always be a need for people to move house regardless of international trading relations; however, many aspiring or current homeowners will no doubt be discouraged…
Read More
Breaking News

UK house prices dip slightly in May, but market remains steady

Average property price now £296,648 compared to £297,798 last month Annual rate of growth slows to +2.5% from +3.2% in April Overall house prices have remained stable so far this year Northern Ireland continues to lead annual price growth in the UK Amanda Bryden, Head of Mortgages, Halifax, said: “Average UK house prices fell by…
Read More
Breaking News

Estate Agent Content

Do you think that your estate agency / property business requires content? Is content marketing still a thing in 2025? Are you concerned if anyone will read your words? Is it worth investing in estate agent content? Businesses with blogs generate 67% more leads than those without. As competition for attention online increases it remains…
Read More
Breaking News

The cost of voids rises by £200 for England’s landlords

The latest analysis by Dwelly, one of the UK’s leading lettings acquisition and success planning experts, has found that landlords have been hit with a 26% increase in the cost of void periods in the past year, equivalent to lost income of almost £200. Dwelly analysed average void period data from March 2024 and March…
Read More
Breaking News

Breaking Property News 5/06/25

Daily bite-sized proptech and property news in partnership with Proptech-X. Demand Rises for Housing and Infrastructure Projects Rising demand for housing, infrastructure and energy projects across Wales has driven continued growth at Lichfields’ Cardiff office, which this year marks 25 years in the capital. The team of 17 planning professionals is one of the largest…
Read More
Breaking News

Construction continues to enjoy a season in the sun

Underlying performance is on the rise during Q.2 2025 Today, Glenigan, one of the construction industry’s leading insight experts, releases the June 2025 edition of its Construction Index. The Index focuses on the three months to the end of May 2025, covering all underlying projects, with a total value of £100m or less (unless otherwise…
Read More