Mis-selling of solar panels in UK
Thousands of home-owners in the UK who bought solar panels have complained that they’re not reaping the rewards they were promised.
The Financial Ombudsman Service has received 2,000 complaints and Barclays has put aside millions to compensate those who took on costly loans to pay for mis-sold panels.
According to a ruling on the Financial Ombudsman Service’s website they were told by MyPlanet that the panels would be self-funded and the loan repayments would be more than offset by ‘feed-in tariff income’, which pays owners for their electricity.
But this did not happen, and the ombudsman ordered Shawbrook to recalculate the repayments so they would be covered by the savings and pay compensation.
The average solar panel system costs around £6,200, according to the Energy Saving Trust. The Feed-In Tariff scheme closed to applicants in March.
However, those who had panels before it ended will still get the payments.
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