With the end of the Feed in Tariff (FiT) fast approaching (March 2019), there will be one last push for homeowners to install their solar panels, ensuring they receive maximum revenue generation over the next 20 years.
From 2008 to 2017, nearly 1 million installations have been registered in the UK and green energy (wind, hydro, solar and biomass) has accounted for nearly 30% of all energy generation, compared to 21% of nuclear power and 7% of coal energy generation.
What are the Feed-in Tariffs (FIT)?
Introduced in 2010, the feed-in tariff is a UK government programme designed to promote and accelerate the adoption of renewable and low-carbon electricity generation technologies. It offers a financial incentive for property owners across the UK to install renewable energy technology in their homes and businesses. Under the scheme, property owners who install or have installed an eligible system like solar PV or a wind turbine receive payments on both generation and export of the green energy they produce. If your application to participate in the scheme is successful, you will be assigned a tariff and get a fixed payment for every unit of electricity you generate based on a number of factors, including the size of your system, what technology you install, when your system was installed and how energy efficient your property is.
How much could you receive?
There are three ways you could benefit from FIT’s.
Generation tariff: once your application is approved, your energy supplier will start paying you a set amount for each unit (kilowatt hour) of electricity you generate (that’s where the name “generation tariff” comes from). If you’re in the planning phase of installing a renewable energy technology, make sure you choose a certified installer. The tariff levels are guaranteed for the period of 20 years.
Export tariff: on top of your generation tariff payments, you can also sell the surplus energy you produce back to the grid. You will be paid for 50% of however much you generate, this is known as the deemed export tariff, unless you have an export meter then you will be paid on a metered export tariff.
Savings on energy bills: naturally, you’ll be saving on your annual energy bills because you won’t be buying as much electricity from the grid. How much you can save will depend on whether you have a solar battery system installed, the amount of electricity you use and how energy-efficient your property is.
If you would like a free survey & quote to see how much you could save & profit over the next 20 years, email sales@cpsl-group.com or call 01704 841 848 today.