With new, improved technologies and new tariffs, generating your own energy is still very attractive, both financially and to reduce CO2e (CO2emissions).
Under the feed-in tariff (FIT) scheme, electricity companies pay a tariff for each kilowatt hour of independently generated, small scale electricity. Even today, with reduced tariffs you could expect a return of around 6 – 8% on your investment. The current tariff for the average size domestic installation is 13.88p per Kwh generated, as well as your savings in electricity costs.
So, this is a great time to “go solar” and install solar photovoltaic (PV) panels or tiles on your roof.
Benefits of solar PV:
- a payment for all the electricity that your PV system generates, whether or not you use it in your own building;
- guaranteed payment for 20 years;
- tax free, index linked income;
- additional 4.77p per Kwh export tariff for electricity that you don’t use;
- when you use the electricity you generate (i.e. during daylight hours) it is much more efficient, as there is no loss travelling through miles of cable. So you gain maximum benefit by being careful with what you use and when; for example, it’s best to put on the washing machine or charge your electric car when the sun is shining. By doing this you will import less energy from the National Grid and your bills will drop.
To find out more about the Feed In Tariff scheme click here and please note that the tariffs are now reviewed every 3 months.