I am trying to decide whether to take on a solar panel contract with http://www.soleeco.com On paper it seems like a brilliant deal - almost too good to be true. Does anyone have any experience with solar panel contracts?
The deal is to have 36 panels installed onto our South facing roof. We would sell the electric to EDF at 28cents per watt (the current rate), flat rate for 20years guaranteed. There is a loan organised by Soleeco which would repay the €43,000 needed to pay for the panels and other bits included (permission from the Mairie, installation etc.). The quote said, that as a minimum, we would earn €453 and the loan repayments would be €400 each month, so in effect it wouldn't cost us anything (we'd even make a little bit). With the taxes we'd get back from the Government scheme, as well as the repayments each month, we would have the whole loan paid off in 6years and 3months.
I guess the catch is being contracted with EDF for 20 years, but there is a legislation in place that states that EDF must increase the payment per watt at the same percentage increase as the cost of energy we pay (currently 12cents per watt). Does anyone know of any reasons why I shouldn't go ahead with this deal? My concern is that generally, massive corporations such as EDF, are not usually looking out for their customers interests, but their own profits.