- 30th November 2011
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The Royal Institution of Chartered Surveyors is warning people to be vigilant when opting to let their roof space for green energy schemes, as doing so could violate mortgage terms and put a property’s saleability at risk.
Many companies are now looking to benefit from the coalition government’s Feed in Tariff Scheme (FIT) by renting roof space from homeowners to host solar panels. Under the scheme, the leasing company can then sell the generated energy to power suppliers for a profit.
However, with many leases running for up to 25 years, often without a break clause, home owners can find themselves tied to agreements which could put them in breach of their mortgage arrangement, discourage prospective buyers and even create structural problems their property.
While providing homeowners with additional income, the potential consequences can be severe, RICS points out. Furthermore, it says, until the Green Deal is introduced in 2012, installers are not formally accredited, meaning that installations can be carried out by individuals poorly qualified to properly assess the installation process and the potential impact on the property.