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London 'solar street' plan energized by Octopus Energy

Image Credit: Octopus Energy

In East London, 13 households have been provided with solar panels courtesy of Octopus Energy due to a fundraising effort by two local artists that raised over £100,000 to support a green energy initiative driven by the community.

Hilary Powell and Daniel Edelstyn, two artists based in Walthamstow, initiated Project Power Station to install solar panels in a single street to develop a self-made, local, renewable energy source.

Through a crowdfunding campaign, two people raised £113,000 to provide the people living at Lynmouth Road in Walthamstow with access to a subsidy program to get solar energy from Octopus Energy.

Participating households can expect a decrease in their bills of up to a third while simultaneously leading to an average of 70% reduction in emissions due to installing solar panels.

Octopus has stated that the Lynmouth Road 'power station' could grow to power 30 households; 13 residences have already signed up for the project.

Rebecca Dibb-Simkin, the energy company's head of products, declared the plan a potent demonstration of how localities can help accelerate the transition to green energy.

She noted that Hilary and Dan, who had no background in the energy industry, had discovered a way to help their neighbours shift to green energy and significantly decrease their energy costs. "We are pleased to have partnered with them," she said.

According to a recent Direct Line Home Insurance study, although most people in Britain think that solar panels make a house more desirable, only a small fraction intend to purchase and install the technology. This unveiling coincides with the publication of the research.

The polling results revealed that 52 per cent of solar panel owners would take them with them when relocating, while a quarter of them would only leave them behind if they received an additional fee from the buyer.

The insurer unveiled that, although most homes with solar panels reported that they had saved an average of £264 per year on their energy bills, installation costs still represent a major hindrance to the further advancement of the technology - with some households saving up to £500.

Accordingly, two-thirds of homeowners stated that they wouldn't install solar panels due to the high costs, doubt about their proficiency, and the appropriateness of the roofs being the main obstacles to implementation.

According to Dan Simson, the CEO of Direct Line Home Insurance, the advantages of solar panels are evident; however, the cost of obtaining and setting them up hinders many households.

He declared that the administration had established multiple programs to address this issue, which provide money and assistance to those who meet the requirements and wish to have solar panels set up in their home.

It is apparent that many individuals want to purchase a home with installed solar panels; however, our research reveals that there is still some uncertainty about whether or not these panels come pre-installed when buying a house.

Buyers who want the solar panels to be a part of the transaction should talk with their legal representative. The conveyancer can add the boards as a requisite of the sale.

The domestic solar market is developing rapidly, with the latest figures pointing to a higher installation rate than when subsidies were reduced in 2015. This is likely due to households aiming to control their energy expenditure.

Recently, OVO, an energy company, released their new OVO Solar product to significantly reduce electricity bills by up to £1,400 each year and to lower emissions. This follows a trend of other energy companies broadening their solar energy installation services.

Furthermore, Sir Keir Starmer, the leader of the Labour Party, declared that the Opposition's proposed state-backed energy company, GB Energy, would try to amass hundreds of millions of pounds of investment in neighbourhood energy projects.


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