Inbank and Eesti Energia makes installation of solar panels significantly easier

Interest in solar energy keeps increasing, but many haven’t been able to make the final purchase decision because of the large down payment they would have to make, said Sten Aan, Head of Energy Services at Eesti Energia.

“Our new solution, which is based on monthly payments, gives the people of Estonia a better opportunity to participate in protecting the environment and to start generating renewable energy that is 100% clean. The client will immediately start saving money on energy without having to save a large amount and investing it all at once.

Margus Kastein, the Managing Director of Inbank Eesti, confirmed that the majority of Estonian people pay attention to the development of modern energy solutions when renovating their homes. “Generating power at home and selling it back to the grid is a common thing in many western countries,” he said. “Estonian people will now also be able to contribute directly to a cleaner world and save money on energy costs at the same time.”

Every homeowner can calculate the approximate annual generation of their planned home-based power station, the expected savings in comparison with power from the grid and the monthly instalment using the solar energy calculator of Eesti Energia.

“We have made paying by monthly instalments easy,” added Aan. “It’s possible to choose a down payment of zero euros, there are no contract fees or administrative fees, and the balance can be repaid early. The benefits of the panels, however, are immediately visible.”

For example, almost 30 solar panels can be installed on the gabled roof of a house of 120 square metres, which will generate approximately 8600 kWh of power per year. If you choose the monthly payment-based solution of Eesti Energia and make a down payment of 10%, the income earned from the solar panels will cover the hire purchase interest in the first year. The project will be clearly on the plus side in the subsequent years and the panels will pay themselves off in 11 years.

Although the days are getting shorter, now is the best time for the installation of a solar power system. Namely, solar power stations installed at homes can get support from the activity-based renewable energy system of Elering today. However, only the people whose panels are installed before the end of 2020 can apply for support. The payback periods of stations built later are considerably longer due to the lack of support.

Solar power is a competitive alternative to power purchased from the grid and the easiest way to start generating environmentally friendly power yourself. The use of solar panels reduces your current electricity bills, helps increase the value of your property and gives you long-term security against increases in electricity prices.