Now is a great time to invest in solar energy!
This is thanks to Feed- In- Tariff (Clean Energy Cashback), introduced on 1st of April 2010 by new Government legislation. This means Government payments are contracted and guaranteed to be paid to you for 25 years.
How does it work?
Solar PV panels generate DC electricity which is converted to AC, the same voltage as your home. You are paid for all of the electricity produced regardless of whether it is used in the home or sent out to the National Grid. The rate paid for the units generated is 21p plus half of 3.1p = 22.55p. This is about double the amount that you pay for electricity.
The payments are made directly to your bank because of the 25 year contract that you have with the power company. The contract ensures that the rate increases by the Retail Prices Index (RPI) each year for all 25 years. These are guaranteed payments.
Even better than this incredible financial benefit is the added bonus that as the electricity is produced at your home you can use as much of it as you can without any payment. This should have the effect of reducing your annual electricity bill by approximately 30% per annum. Factor in increasing electricity prices and the real returns are even higher than those quoted.
What does this mean for YOU?
Under this scheme the power companies (by Government enforcement) make regular payments to solar panel owning householders and communities that generate their own electricity from renewable or low carbon sources such as :
£10000 invested in solar PV can return over £1000 per year. Over 10% return on investment can be achieved, this is equivalent to 15% ROI for higher rate taxpayers.
Your income from solar panel energy is tax free and index linked!
Landlords can also benefit, you pay for the solar panel installation, you get the FIT, the tenants get to use the electricity generated which means lower electricity bills.
Solar photovoltaics are a green investment
The carbon footprint of their production, transport and installation equates to about 3 to 4 years of their installed production. They are recyclable with each of the manufacturers operate a return and recycle scheme.
Get your free no-obligation quote today!