The rate of solar panels installations on UK is down by 19% since last year, according to analysis from Coventry Building Society.

The mutual said this drop coincides with Britain experiencing its coolest summer since 2015, with an average temperature of 14.37°C.

Over 80,000 solar panels were installed on UK homes throughout the first seven months of the year, a 19% reduction on the 106,000 installed during the same period last year.

Despite the fall in rate of installations so far this year, it is still the second highest year for installations since 2015.

Last year the rate of solar panel installations on UK homes reached a seven year high, with over 165,000 new installations from January to December. The UK also had one of its 10 warmest summers on record.

The highest year on record for solar panel installations was 2011, when 200,589 panels were installed – this was following the launch of the Feed-in Tariff (FIT) scheme in 2010.

Sophie Mason, environmental and sustainability lead at Coventry Building Society, said: “The lack of a British summer may not have put solar panels at the top of everyone’s to-do list, but they’re still proving to be a popular investment. Over 400 solar panels have been installed on homes each day this year, on average, which is a definite surge from same period five years ago.

“Whether they’re looking to reduce their energy bills or their carbon footprint, renewable energy solutions are becoming increasingly important to people. The upfront cost is a potential barrier but it’s important to view it as a long-term investment and remember that there are schemes available which can help.

“The green finance market will continue to evolve because lenders want to help make renewable options more accessible to everyone. It all adds up to help create a more sustainable future for us all.”

Coventry Building Society currently offers customers the chance to borrow additional funds at a lower rate if they are using at least half of the money on energy saving home improvements. The maximum additional borrowing is £25k, and the deal is available for both residential and buy-to-let customers.