Environment minister calls on private sector to provide low cost finance to boost sales of wind turbines

It should as easy to get finance for a wind turbine as a sofa, Ian Pearson the climate change and environment minister announced today.

Pearson has called on high street banks, energy companies and consumer finance companies to develop low-cost finance schemes to boost take up of household microgeneration.

He said that a recent government report highlighted that high up-front costs acted as a barrier to household take-up of wind turbines and solar panels.

Speaking at the UK Business Council for Sustainable Energy, he said: “Everywhere you look these days, there are adverts for sofas, electric goods and kitchens – all offering interest free credit or easy long-term loans. Yet, there are no such offers for microgeneration.

“I passionately believe that it should be as easy to get finance for a wind turbine as it is for a sofa. This could be through credit or loans, or it could be an energy service contract with the cost rolled up with a customer’s energy bills. Green mortgages or long-term leasing are other options that could be taken up.

“My challenge today to the high street banks and consumer finance companies, energy suppliers and others is to work with the microgeneration companies to come up with new, innovative offerings.”