The good news is that despite the Govenernmet subsidy cuts in April and again October this year 2012, there are still financial savings to be made. Recent hikes in energy prices also mean that investing in solar is a good bet for the future.
How you save
- A limitless supply of FREE energy. Solar power relies on daylight and not just sunshine so you can still generate electricity even when it is cloudy.
- Feed in Tariffs for the energy your produce and what you do not use These government backed financial incentives pay you both for the energy you produce and what you don't use. The good news is the power suppliers are obliged to pay you for any excess energy you produce that is automatically fed back into the grid.
In 2010, the UK government set up a “feed in “tariff scheme which boosted the industry and created 1000s of new jobs in the UK. In November 2011 the Government put forward proposals to cut the Feed in Tariff prompting a sudden huge demand for solar and a rush to complete PV installations before the cut-off date. Their justification, falling panel prices and concerns they would run out of money. Cuts were eventually made in April 2012 despite a huge protest from the solar industry who had for a long time been urging the government to cut the over generous subsidies but not kill it. Those lucky enough to complete their installations prior to this date are reaping excellent returns. The good news for those considering solar now is that panel prices have been slashed by more than half reducing reliance on subsidies and meaning that Solar PV is still a very worthwhile investment.
see Energy Savings Trust for current UK Feed-in-Tariff (FIT) rates
- http://apps3.eere.energy.gov/greenpower/resources/maps/netmetering_map.shtml for details of netmetering in the US
- Save money on your electricity bills sunlight is free, typical panels can save around 40% on an electric bill approximately £120 a year for an average family and more as energy prices continue to rise.
- Independent of power providers As PV systems are independent, they are unaffected by the price fluctuations imposed by energy suppliers and the ever increasing price of gas.
- Savings start immediately! The payback period is typically around 9-10 years or shorter depending on how much electricity your household uses. If you elect to install free solar panels then there is no capital investment only savings.
- Add value to your property just as any home renovation can increase the value of your home, installing solar energy will make your home more attractive to buyers who can reap the savings immediately.
- To make your savings go further invest in energy efficient appliances.
- Save more by using energy when the sun is out - load the dishwasher or do your laundry during the day to take advantage of the free electricity.
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Zoe Symington, Sales and Marketing