Over 800,000 low-income houses in England and Wales are to have free solar panels installed on their rooves over the course of the next five years.

The $208 million (£160 million) initiative, which is being financed by the Dutch firm Maas Capital, is expected to save the residents an average of $312 (£240) on their energy bills every year.

UK firm Solarplicity will be partnering with over 40 landlords and social housing representatives in order to properly coordinate the panels’ installation.

CHECK OUT: Company is Offering to Retrain Coal Miners as Wind Farmers For Free

Additionally, since the initiative will create 1,000 new UK jobs, the firm plans on hiring and retraining military veterans for their workforce.

“After a record year for new foreign investment into the UK, this initial £160 million capital expenditure program will deliver massive benefits to some of the UK’s poorest households,” said International Trade minister Greg Hands. “As well as creating 1,000 jobs and delivering cheaper energy bills for up to 800,000 homes, it shows yet another vote of confidence in the UK as a place to invest and do business.”

The initiative is just one in 2,200 foreign investments that have been made in the United Kingdom, which has resulted in a record-breaking year of expenditure. 87 of these projects alone were in the renewable energy sector, creating over 3,000 new jobs.

“Today’s announcement is a reflection of our exciting growth in the energy market, backed by international capital investment through DIT,” said Solarplicity CEO David Elbourne. “Solarplicity is committed to reducing energy bills for both solar and non-solar customers. Equipping them with the latest smart technologies, and 100% renewable energy, they are guaranteed to save with our Fair Market Price.”

Click To Share The Sunny News With Your Friends (Photo by Solarplicity)