Siemens and The Carbon Trust The Free Money Deal. Free Money. Money doesn t grow on trees. But it does now grow on roofs and in boiler houses.

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1 Siemens and The Carbon Trust The Free Money Deal Free Money Money doesn t grow on trees. But it does now grow on roofs and in boiler houses. Under this delicious funding scheme sponsored by Siemens and The Carbon Trust, see what happens when you combine lease financing with renewable energy: For a 50kWp Solar PV System - You have no net cash outlay at any time. - You do no work apart from a bit of paperwork. - You are 850 better off every year for the first 10 years. - You are 8,900 better off a year for the next 10 years. That's 98,000. For free. (Unless you were planning to do something else with your roof.) Index linked in today's money. For a 70kW Biomass Boiler eligible for the non-domestic RHI* - You have no net cash outlay at any time. - You do no work apart from a bit of paperwork. - You are 4,500 better off every year for the first 7 years. - You are 13,900 better off every year for the next 13 years. That's 212,200. For free. *to be eligible for the non-domestic RHI, the boiler must supply a non-domestic property, or more than one separately rated domestic properties, such as a main house and an annex.

2 Siemens and The Carbon Trust The Free Money Deal The detail Spirit Solar is an approved installer for the Energy Efficiency Financing scheme, run as a joint venture between Siemens and the Carbon Trust. Under this scheme, investments made by businesses, farms and schools in renewable energy systems and other energy saving measures are eligible for funding via a lease or loan. The funding for solar PV and biomass boilers is usually structured so that the investment is self- financing or cash positive: The business, farm or school makes no upfront payment for the equipment installed. The purchase cost is paid directly by Siemens to the installer of the equipment. The savings and tariff income from the investment equal or exceed the payments due under the lease or loan. Thus the investment has a neutral or positive impact on cashflow whilst the lease or loan is being paid off. Once the financing is re-paid (typically within 7 to 10 years) the system owner enjoys all of the savings and income from the investment (for at least another 10 to 13 years). Sample lending terms: Lending can be rranged either as a loan or as a lease. Loan / lease amounts from 1000 to 1 million (subject to a customer credit assessment). Non-domestic customers (e.g. businesses, farms and schools) only, usually with three year trading history. Term of up to 15 years. Typical loan / lease rates of 7% to 9% (quoted on an IRR rather than an APR basis). Lower rates on larger amounts and for lower risk profiles. Since the IRR on solar PV and biomass investments exceeds 9%, the overall investment is cash positive (taking into account savings and income from the system and payments due under the lease or loan). Call to request a quote or a copy of the EEF brochure.

3 Case Study 1: 50kWp solar PV installation Spirit Solar installs a 50kWp solar PV system on an agricultural roof. The system costs 55,000 and is financed under a 10 year EEF lease, with no up-front payment from the farm. Lease financing Siemens pays the equipment purchase cost of 55,000 directly to Spirit Solar once the installation is complete. The farm makes monthly payments of to Siemens for 10 years. After 10 years, ownership of the system transfers to the farm. The annual payment to Siemens over the term of the lease is 8, Savings and income from the system In its first year the system generates kwh, giving the farm electricity bill savings and tariff income of 8,951. Here are some detailed calculations: The farm uses 70% of the generation on site and exports 30% back to the grid. Each kwh used on site is worth 10.5p (the rate per kwh paid for daytime electricity). The farm receives the Feed-in Tariff of 12.57p per kwh for the full 42,000kWh, and the Export Tariff of 4.64p per kwh for 30% of the generation. Thus the savings and income are as follows: Saving on electricity bill: 42,000kWh * 10.5p per kwh 3,087 Feed-in Tariff income: 12.57p per kwh 5,279 Export Tariff income: 42,000kWh * 4.64p per kwh 585 Total savings and income per annum 8,951 Summary The savings and income from the system in the first year total 8,951. This compares with the lease cost of 8,078. Thus the investment generates a positive benefit of 873 in the first year, without the farm having to come up with a penny! In subsequent years, the output of the panels will decrease slightly, but this will be counter-balanced by higher tariffs (they are inflation linked). Once the lease is paid off, ownership of the system will transfer to the farm and the farm will be better off by just under 9000 a year. Can you afford not to? Highlights 55,000 investment, financed by a 10 year lease. Annual savings and income of 8,951. Total annual lease payment of 8,078. Cash positive from day one! Lifetime benefit: 98,240. Annual benefit: 873 p.a. in the first 10 years, total 8,730; 8,951 in the next 10 years, total 89,510.

4 Case Study 2: 70kWp biomass boiler installation An eight bed-roomed Grade I listed hotel has a heat loss (on a cold day) of 67.2kW. A 70kW ETA pellet boiler is installed in an outhouse at the rear of the hotel, replacing an old inefficient oil boiler. The installation comprises a boiler, flue, external pipe work, hot water module, buffer tank, pellet store and heat meters. Lease financing The cost of the installation is 49,000 plus VAT. The hotel finances the purchase using a 7 year EEF lease, with no up-front payment from the hotel. Siemens pays the finance directly to Spirit Solar once the installation is complete. The hotel makes monthly payments of to Siemens for 7 years. After 7 years, ownership of the system transfers to the hotel. The annual payment to Siemens over the term of the lease is 9, Savings and income from the system It is estimated that the hotel will save around 5,160 a year on their oil bill, and earn the Renewable Heat Incentive of 8,740, giving total savings and income of over 13,900 per year, for 20 years. Here are some more detailed calculations: Highlights 49,000 investment, financed by a 7 year lease. Annual savings and income of 13,900. Total annual lease payment of 9,385. Total heat energy required: Current 144,632 kwh Biomass Fuel cost / kwh: 6.5p 4.1p Boiler efficiency: 80% 92% Cost per annum: 11,751 6,592 Annual savings on fuel bill: 5,160 Estimated RHI Income: 8,740 Annual savings + RHI Income: 13,900 Summary The annual savings and income from the system total 13,900. This compares with the lease cost of 9,385. Thus over the 7 year term of the lease, the investment generates a positive benefit of 4,515, without the hotel having to come up with a penny! For the subsequent 13 years, the investment generates savings and income of 13,900 per annum. Can you afford not to? Cash positive from day one! Lifetime benefit: 212,305. Annual benefit: 4,515 in the first 7 years; total 31, ,900 in the next 13 years, total 180,700.

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