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Anyone any knowledge of HomeSun?

 
Well & Truly Off The Grid
Last Post by Toodles 2 years ago
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Toodles
 Toodles
(@toodles)
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Joined: 4 years ago
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Topic starter 03/07/2024 2:58 pm   [#1605]

A fellow local resident sent me a quote he received for a 10 panel plus inverter and Givenergy battery installation from a company called HomeSun. It is apparently a ‘nothing up front, pay us a fee every year  arrangement. I replied explaining the optimistic nature of the expected yield and other matters. I also suggested he carry out due diligence on the company before deciding to go ahead. Has anyone on the hub heard or know anything about this outfit please? Regards, Toodles.


Toodles, heats his home with cold draughts and cooks food with magnets.


   
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 Anonymous 5011
(@Anonymous 5011)
Joined: 3 years ago
Posts: 562
03/07/2024 11:05 pm  

Just had a quick look

You never own the panels, you pay monthly for 12 years, min fee is £29.99 per month. You have to give notice if you are selling property. Wouldn't be for me



   
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Toodles
 Toodles
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Topic starter 04/07/2024 8:58 am  

@johnmo It wouldn’t appeal to me either; my concern was whether the company was known to any forum members and ‘legit’. I did suggest to the friend that he perform due diligence - I’ve never heard of the company.

I also pointed out that the payments (nearly £900 annually) would barely be covered by the exported energy payments for about the first five years. They provided him with an estimate of costs and returns; the first three years were negative! This I base on the optimistic yield they illustrated. My senses were pricked when I saw that they made the claim that 2024 would yield a full year’s returns when the system hasn’t even been installed yet!

Regards, Toodles.


Toodles, heats his home with cold draughts and cooks food with magnets.


   
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Toodles
 Toodles
(@toodles)
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Topic starter 04/07/2024 9:15 am  

The chart is based on the usual MCS guidelines and there are ten panels spread over two different orientations (90 degrees difference) of roof and the panels are 425 Wp. rated. I know that all ‘estimates’ are just that but I think HomeSun are being rather optimistic. Regards, Toodles. (Anonymised chart attached)

IMG 0718

 


Toodles, heats his home with cold draughts and cooks food with magnets.


   
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 Anonymous 5011
(@Anonymous 5011)
Joined: 3 years ago
Posts: 562
04/07/2024 9:30 am  

I'm looking at year two, where you are making a loss even after an increase in utility bills. The only profit comes from around 7% inflation added each year to yearly bills, if bills come down or stay static, you make less than zero, it costs you to have them on the roof.

Optimistic - yes



   
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Toodles
 Toodles
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Posts: 2751
Topic starter 04/07/2024 9:41 am  

@johnmo Indeed it is, and to make such a broad brushstroke on the inflationary change in consumption costs is dodgy in my opinion. I imagine that the company (who still ‘own’ all the equipment) are also using tax incentives on the devaluation of their investment. As mentioned, it is still their equipment! As the saying goes: Be afraid - be Very Afraid. Regards, Toodles.


Toodles, heats his home with cold draughts and cooks food with magnets.


   
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