It is estimated that installations could deliver annual savings on household electricity bills as high as 58 per cent for Southway Housing Trust properties with standard metering.
The agreement, which is being fully funded by global investment bank Macquarie, will see Forrest install photovoltaic (PV) panels on tenants’ homes at zero cost to Southway or tenants.
It is estimated that installations could deliver annual savings on household electricity bills as high as 58 per cent on properties with standard metering.
Forrest will also provide a fully funded and insurance backed 20-year maintenance service, as well as supporting Southway to deliver further support as part of a programme to help tenants maximise the effectiveness of solar energy within their homes.
Karen Mitchell, Chief Executive at Southway Housing Trust, said: “Fuel poverty is a growing concern for our residents and rising energy prices are having a serious effect on some of the most vulnerable members of our communities.
“Solar power will enable tenants to make significant savings on their energy bills and it will also provide energy from a renewable source. This installation programme supports our strategy to help all of our tenants reduce their energy bills and help to reduce carbon emissions.”
Paul McCarren, Energy Director at Forrest, said: “The demand for solar PV installations on social housing stock has grown exponentially over the last few years. Install programmes are growing in size and housing associations across the UK are continuing to review how best to fund their investment programme including solar PV.
“This deal has the best interest of residents at heart. Macquarie will receive payments though the government’s Feed in Tariff (FIT) as part of its investment, while residents will gain access to free solar energy to reduce bills.”
The project is part of Forrest’s three-year residential solar power agreement with Macquarie, worth up to £120m. The contractor has a separate £50 million solar PV initiative with the global investment bank targeted at the commercial market sector.