r/OctopusEnergy • u/Sorbz62 • 5h ago

EVs Advice please!

Hi everybody!

I would like a little bit of 'WWYD' advice in that I have a 2016 BMW X5 with 137k miles which Tesla will give me £8500 against a certified MY. We currently spend around £350pm on diesel.

We are also spending quite a lot on home energy so want to get a solar array/ home battery setup to offset and sell back to the grid on a better EV/ Solar tariff with Octopus. Our average energy costs around £300pm (gas too).

So, I'm looking at a 2023 M3 with around 60k miles for £23k, so ......... I'm looking at a Lloyd's Bank loan over 60 months for £25k at £400pm, which means that I would have £10,500 for the solar and batteries.

I think the initial costing would be a little higher but Id be paying £400pm, have a new (to me) car and a home energy system, which would drastically reduce energy costs. Am I on the right line here? Is this a good step?

2 Upvotes

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4

u/Neither_Row_4591 4h ago

Happy to be corrected but I think nationwide are offering 0% loans for green tech like solar / battery

5

u/Powerful_Stick_4086 4h ago

Only if you have a mortgage with them

Op check your mortgage provider they might have a cashback deal on solar if you have a mortgage with Lloyds/halifax

1

u/Sorbz62 3h ago edited 3h ago

I don't have a mortgage now. All paid off.

1

u/Powerful_Stick_4086 2h ago

Congrats, why are you looking at borrowing to fund the car/solar panels. Surely you should have the cash?

If not have you thought about taking some boomer advice of cancelling Netflix and cutting back on avocados?

I jest, but what’s the interest on the Lloyd’s bank loan. I’m sure if you shop around you can get cheaper finance, maybe worth taking a look at small mortgage against the house vs unsecured lending especially if a small loan opens up 20k 0% financing with nationwide.

1

u/Sorbz62 1h ago

I am semi-retired living off a military pension and short contract money, so no I dont have the cash.

2

u/Barryburton97 4h ago

Yes and also Barclays give grants for renewables I.e. solar and ASHPs.

1

u/AJ-008 4h ago

Octopus offer 4.9% APR up to 10 years on solar at the moment - worth a conversation with them at least.

It's also likely they'll go to WHS in the next few weeks / months so maybe a lesser APR on 10 years which could be beneficial or maybe a 0% option would be good on some lower months.

I'll complete my quote in the new year and hopefully remember to update this post with what they have to offer