Together this means energy bill reductions on a monthly basis and a guaranteed income with the Government’s feed-in tariff scheme.
With solar panels:
- Cut your electricity bills
This winter, energy bills are rising again, forcing homeowners into even more financial troubles. And the price hikes aren’t expected to relent either, with the prediction that electricity bills will soar 40% over the next 10 years. By installing solar panels you’ll protect your energy future and ensure reduced bills for 25 years and more.
- Guaranteed income
The Government’s lucrative feed-in tariff scheme is one of the key incentives for homeowners to consider solar power. It offers a tax-free income by paying out for every unit of renewable electricity produced in the home. With the scheme you can expect to earn hundreds of pounds annually, ensuring a return of investment between 10-15% yearly with solar.
Remember, energy companies are compelled by law to make feed-in tariff payments. To counter these forced outgoings, companies will raise the prices of their gas and electricity. So effectively, by not installing solar panels on your roof, you’re subsidising those who do.
The feed-in tariff scheme’s rate is dropping slightly on November 1, from 16p/kWh to 15.44p.
Solar feed-in tariff cuts
Whilst the expected income from the feed-in tariff with solar will be reduced, this will only be by around £20 a year. With the savings achievable on electricity bills, the fixed income and National Grid export payments, you stand to earn around £700 each year.
Considering the last round of cuts saw the tariff rate plummet 24%, the November 1 reductions aren’t that bad.
Plus, solar panel prices have been slashed in the last 12 months and are now at their cheapest ever cost. So investing now could see you with a better return of investment than during the days of a 43.3p/kWh tariff.
Paul Barwell, Chief Executive Officer of the STA, said: “Our figures show that solar is a no-brainer investment.
“Compared to the returns you can get these days in banks and many other investments, solar provides a very solid and attractive return.
“That is particularly the case if you consider energy bills are rising faster than anyone expected.”
And the Department of Energy and Climate Change point to the fact solar panel installations have dropped, to reflect the change in feed-in tariff rates.
Solar panel quotes
Solar panels still offer a mammoth saving for consumers, providing reduced electricity bills whilst guaranteeing a fixed income for 20 years through a Government backed scheme.
Despite the latest round of cuts, there are still a wealth of benefits with solar, so find out if your roof is appropriate today and receive up to four FREE solar panel quotes from local, vetted and reputable contractors in your area.