Financing Sharp Solar PV Installations with Hitachi

EcoPowerSupplies is a Sharp Energy Solution approved and registered installer for solar PV panels and LED lighting. Sharp has partnered with Hitachi Capital (UK) Plc to provide finance for the purchase of solar installations, helping to spread the cost of solar projects over several years.

Common Solar PV Financing FAQs

• Who is eligible for Solar PV finance through coPowerSupplies? Potential clients include: owner farmers with a profitable trading history, private schools with a profitable trading history, large corporate entities (minimum £50m turnover, £5m net worth), public sector bodies, SMEs and corporates (minimum net worth £500k, established for 10 years). Please note property must be freehold.
• Is there a minimum or maximum lending amount? There is a minimum lending amount of £25,000 after deposit and before VAT for a Hire Purchase Agreement and £50,000 after deposit and before VAT for a Loan Agreement. There is no maximum lending amount, this will be determined by the credit worthiness of the customer.
• Does the customer have to pay a deposit? Yes. Generally a deposit is required of between 10% to 30%. In the instance of a large corporate or a public sector entity Hitachi may be able to reconsider this requirement.
• Who is the deposit paid to? The deposit is paid to EcoPowerSupplies as the installer.
• How does EcoPowerSupplies generate a quote? Any quotation is generated using the online Hitachi quotation calculator.
• How does EcoPowerSupplies submit a proposal? The quotation calculator generates a letter, this is required along with a proposal form and tthe last two years accounts. The quotation is then emailed to sharpbusinessfinance[@]hitachicapital.co.uk.
• What happens once a solar project is approved? An email is sent to EcoPowerSupplies as the installer advising of the decision. If the project is approved the email will also contain the relevant documentation that needs to be completed by EcoPowerSupplies and signed by the customer.
• Who is invoiced to receive payment? If the deal is a Hire Purchase Agreement the invoice is addressed to: Hitachi Capital Business Finance. The invoice will need to state the customer name and address of where the installation took place and any deposit taken by EcoPowerSupplies as the solar PV installer will also need to be on the invoice. For Loans Agreements EcoPowerSupplies will receive instructions in an approval email.
• How is EcoPowerSupplies paid? Currently payment is made to Sharp unless Hitachi receives an email from Sharp advising that the installer (EcoPowerSupplies) should be paid directly and the amount that should be paid. An amendment is being made to the original Installer Trading Agreement to enable payment to be made directly to the installer going forward.
• Are there any exit penalties for early repayment (or other relevant fees)? There are no penalties for early repayment. The contract would need to be paid in full at the discounted rate stated on the document. There are fees included in the contracts, these are £150 administration fee payable at the start of the contract and £100 Option to Purchase fee on a Hire Purchase Agreement which is due at the end of the contract.
• What happens if the owner/occupier sells the property? The customer needs then to repay the facility in full. On request Hitachi may consider a novation of the contract if the feeding tariff is assignable and the new customer meets the credit requirements.

Hitachi Capital (UK) Plc

Hitachi has provided finance solutions for homeowners and commercial organisations in the UK for over 30 years. The above information outlines the Hitachi approach to the financing of Sharp solar PV installations. EcoPowerSupplies can also provide financing for other renewable energy systems including: heat pumps, biomass boilers, solar thermal and wind turbines, with relevant systems falling inside other government Feed-In-Tariffs such as the Renewable Heat Initiative (RHI) and Green Deal.

For more information contact us or download the this FAQ for Homeowners (8MB download).