Lightsource Looks to Invest £600 million in New Solar Buyback Scheme
Lightsource Renewable Energy Holdings, one of Europe's leading solar energy company, is looking to invest £600 million over the next five years to continue the growth of its commercial and residential rooftop portfolio with the launch of its solar buyback scheme. The newly launched scheme allows businesses and homeowners to realise a cash lump sum for their existing rooftop solar installation.
The scheme will offer to purchase PV systems from businesses and homeowners across the UK in return for the transfer of their Feed-In Tariff (FIT) payment. Customers will receive an upfront lump-sum payment and continue to receive the free energy generated by their system. In addition, Lightsource will take on the Operations & Maintenance (O&M) of the system for the remainder of the FIT period.
With the largest solar O&M fleet in Europe, at just under 2GW, Lightsource has the expertise to ensure optimised generation from the installations it purchases. Customers can be assured that they will receive the best possible performance from their system in terms of electricity generation, carbon savings and financial savings on their energy bills.
Nick Boyle, CEO at Lightsource, explained: "There's no question that solar PV is a sound investment. Our buyback scheme offers early adopters the chance to realise an immediate substantial return on their investment today with the added benefit of continued free solar electricity. In return for the FIT payment, we operate, maintain and insure the system - taking the hassle and cost out of any necessary future repairs."
The company, which has already acquired more than 1,000 installations across the UK (approx. 2.25MW) under the buyback scheme, is particularly interested in acquiring both commercial and domestic PV systems that were installed before April 2012.
Nick added: "For Lightsource and the energy industry as a whole, I can see huge changes happening in the future, as technologies across solar and IT combine to create genuinely smart homes and businesses. These technologies are already changing the way that we live and work "“ and the application of energy management systems and batteries will revolutionise the energy industry making it cheaper and cleaner for everyone.
"We are moving towards a world, in which we have more say in where our energy comes from, more control over how we use our energy and greater opportunities to reduce the amount we pay for power now and into the future."
