Lower your energy bills and cut carbon emissions amid the cost of living crisis
Recent findings from SolarEnergy UK have shown that solar power is saving households between £500-£600 a year, with the average cost of installing solar panels on a roof decreasing by 60% since 2010. To help people across South West England fund this green energy source, Great Western Credit Union (GWCU) has relaunched their Solar Loan to create long-term savings amid the cost of living crisis. The service also helps people to fund cleaner and greener energy with low rates of interest, supporting the region’s goal to reduce carbon emissions.
Solar Loans are available from £2,000 to £15,000, with a fixed interest rate depending on how much people borrow. The loan was previously accessible to members in 2018 and 2019. Applicants choose their own solar installer and have them quote for the work required, including scaffolding, equipment and anything else, before they apply.
One of the many benefits of using GWCU, as opposed to high-street banks, is that they support the local economy, with money helping people, businesses and communities across the common bond area. The credit union currently has over 18,000 members in Bristol, Bath, Dorset, Somerset, Wiltshire and Gloucestershire and approximately £11m in saving deposits.
James Berry, CEO of Great Western Credit Union, said:
There has been a sharp rise in demand for green sources of energy to cope with the cost of living crisis. By making this investment, households can make significant long-term savings especially in light of further energy price rises in October and the winter months. Alternatively, if you’re looking to fund bigger purchases, consolidate your finances or build your economic resilience, we are here to help.
In July, GWCU announced that the merger with Stroud Valleys Credit Union in Gloucestershire had been completed, helping the credit union to improve and modernise services to the local area. In particular, Stroud and Gloucestershire are renowned for their association with green activities and the Solar Loan will help provide sustainable solutions for local people.