The Ulster Bank has launched a substantially discounted mortgage product to benefit those who are committed to reducing their homes' carbon footprint.

The 'Solar Mortgage', according to the bank, will do its bit for climate change and reducing the carbon footprint of householders.

It will offer a discount of 50% off the bank's variable rate for three years, to both new and existing customers who install solar power, to cover the cost of purchasing and installing the latest solar photvoltaic [PV] technology.

Head of Mortgages at Ulster Bank, Derek Wilson said: "This new product will help make installation of solar panels much more affordable and cost effective and provides reassurance to homeowners because the whole process is managed by a pre-approved, high quality supplier and installer."

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The bank has teamed up with leading solar energy company, Solarcentury and the package includes full management of supply and installation and support of the customer through any building control, planning or grant applications.

Derry Newman, Chief Executive of Solarcentury, said they were delighted to be working with the bank on the new offering which made solar power more accessible and affordable.

"Solar photovoltaic technology is a clean, reliable and readily available alternative to fossil fuels, which generates clean electricity, producing power directly from daylight," he said.

Dr Andy McCrea, director of Northern Ireland's renewable energy champion, Action Renewables, welcomed the new mortgage.

"I would urge homeowners to consider the product as a convenient and cost-effective means of reducing their carbon footprint," said Dr McCrea.

He added: "This new product will help make installation of solar panels much more affordable and cost effective and provides reassurance to homeowners because the whole process is managed by a pre-approved, high quality supplier and installer."

(VB/JM)