Feed-in tariffs announced - what can you expect to save on your solar panel installation costs?
Yesterday, Energy and Climate Change Secretary Ed Miliband announced the Governments feed-in tariffs for small scale low carbon electricity installations to begin in April 2010.
Under the tariffs, homeowners and small businesses will be able to earn an income from their photovoltaic or wind turbine installations etc, whilst also saving money off of their regular energy bills.
The Energy and Climate Change Secretary said "The feed-in tariff will change the way householders and communities think about their future energy needs, making the payback for investment far shorter than in the past. It will also change the outlook for a range of industries, in particular those in the business of producing and installing small scale low carbon technology.”
The tariffs are also good news for anyone with a photovoltaic solar panel or wind turbine installation on their home or small business, which was installed and commissioned after July 2008, as they will also qualify.
Feed-in tariffs are fixed in their period of years so maximum savings / cutting down the pay back period on an installation will only be achieved by joining the scheme at the earliest possible point - preferably having your installation installed and working when April 2010 arrives.
For many, it's the introduction of feed-in tariffs which finally makes installing solar or wind power a viable exercise in terms of recouping their initial installation costs in a quicker timeframe.
Show me the money!
Yes - it's all very well and good talking about incentives and commission dates but what do the tariffs really mean for the average homeowner? How much are you likely to earn from a typical photovoltaic solar panel installation on your home?
According to the Department of Energy & Climate Change, a typical 2.5kW photovoltaic solar panel installation in a good site could offer a homeowner a reward of up to £900 as well as saving them £140 a year on their electricity bills.
From 1 April householders and communities who install low carbon electricity technology such as solar photovoltaic (pv) panels and wind turbines up to 5 megawatts will be paid for the electricity they generate, even if they use it themselves. The level of payment depends on the technology and is linked to inflation.
The Tariff lifetimes are different for different types of renewables with Photovoltaic solar panels having a tariff of 25 years and Wind power 20 years.
Check out the full tariffs at the Department for Energy & Climate Changes website - (click here). Householders and communities can apply for the feed-in tariff from their electricity supplier from April 2010. Ofgem will administer the feed-in tariff scheme and suppliers will be responsible to paying the reward to their customers.
If the Feed-in tariffs are what you've been waiting for, then nows the time to start thinking about getting an installation quote. Solar Panel Quoter can help by providing a free online quote based on your requirements.
It's a completely FREE service but you could save pounds, plus, after you've got your online quote, we can also help by putting you in contact with reputable solar installation companies in your area.
photo credit: horia varlan
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