Solar Panel Barclay Loan Mis-Selling Scandal Uncovered

THOUSANDS OF CUSTOMERS have complained about being mis-sold finance for the installation of solar panels on their homes’ roof according to a BBC news report.

The BBC says that two defunct companies, PV Solar UK and MyPlanet, are accused of mis-selling loans from Barclays bank to fund domestic solar PV systems supplied and installed by them. Neither of the firms were members of the Solar Trade Association (STA) at any point in time.

The loans were sold on the basis that payments for electricity generated by the solar panels being sold to the National Grid would cover the cost of the loans.

Rogue traders

STA Chief Executive Chris Hewett said, “This news highlights how vital it is that standards are enforced and consumers protected. We advise anyone looking to have solar and battery storage installed on their home to use reputable companies that are members of the Microgeneration Certification Scheme, and a member of a consumer code such as the Renewable Energy Consumer Code or the Home Insulation and Energy Systems Quality Assured Contractors Scheme.

We are sorry to see that a number of households have been adversely impacted by rogue traders mis-selling finance packages, and urge Barclays to ensure that the matter of compensation for affected customers is dealt with swiftly.”

A 2018 Which? survey found that 93% of solar PV system owners were satisfied with it and solar power is the UK’s most popular energy generation technology, consistently scoring over 80% in BEIS public attitude tracker polls. Six in ten households want solar and battery storage for their homes at some point in the future.

Households interested in having solar and battery storage installed can check the Solar Trade Association’s webpage for up to date information and advice.

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