Solar PV – New tariffs, even more savings and 12 months to make the most of it

Solar PV New tariffs, even more savings and 12 months to make the most of it

Fuel prices may still be rising, but there is good news for microgenerators. It's now possible to earn even more from producing green' electricity at home. As the Feed-in Tariff (FIT)* is index-linked, the tariff paid to domestic homes generating electricity increased in UK (from 1 April 2011I by 4.8%. to 43.3p a kWh, but this will only last for the next 12 months.

Commenting on the increased tariff, Richard Swords, managing director of Colchester-based specialist PV installer GES, said: "Post budget, there is not one high street savings product that will deliver anywhere near the rate of inflation, but by investing in a Solar PV system, homeowners will see between 6-9% return on investment.

"It now makes even more sense to go green on your rooftop with Solar PV. Our customers are winning twice over, making savings on fuel bills and seeing an income from generating electricity which they sell back to their energy provider. But you need to be aware that this tariff will only be held until 31 March 2012, after that time the rate will reduce. The tariff will still be index-linked and tax free, but there are only 12 months left to get the greatest benefit out of the scheme."

Terri and Nigel Philp from Essex, who have recently installed solar panels, tell their story:

"We weren't new to the idea of solar panels as a way of cutting household bills, and had looked into solar thermal a few years ago, but it was too expensive and we couldn't see the value in it. Solar PV was different, because although there would be an initial outlay, we could see when we'd make our money back. We care about the environment and recycle everything we can, but with Solar PV we were interested in the bottom line.

"One of the main reasons for having Solar PV installed is to cut down on the amount of oil we use for central heating; we're even considering electric underfloor heating at the moment. As oil prices keep shooting up, we want to rely more on electricity because at least we're being paid for it.

"GES contacted us and explained how the Feed-in Tariff scheme worked. We found them very friendly, helpful and thorough. Whenever we had questions, they always got back to us. After the survey was completed, we agreed to have a six-panel installation.

"It was done in less than a day. The roofers were here for about two or three hours, and the electricians for four hours. We have an ancient electricity system, but they worked around that. They were very clean and efficient; we're delighted with the end result."

*The FiT scheme, introduced in April 2010, rewards every homeowner who generates green' electricity from products like solar panels. For every unit generated, your energy provider has to pay you 43.3p. Any electricity you don't use (when you're away on holiday, for example) gets fed back to the National Grid at an increased rate of 46.4p a unit. (This rate applies to retro-fit not new build and for systems up to 4kWp. The scheme will come to an end in 2035.)

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