How Feed-in Tariff (FIT) works
In April 2010 the government implemented a feed-in tariff – sometimes referred to as FIT’s. – as part of the Clean Energy Cash-back scheme. The Feed-in Tariff was introduced to reward property owners for installing renewable energy sources to produce their own electricity. The Feed-in Tariff is applicable to any household, business, school, care home or any other property that has installed solar PV.
Feed-in Tariff work in three ways:
The Generation Tariff – Money for generating your own electricity
You get paid for every kilowatt of electricity your PV system produces. This amount is agreed by the energy supplier and is set for 20 years. Currently 4.39 p/KW. So not only are you saving money on your monthly bills but you are boosting your incoming by over £250 (based on an average 3bedroom house) up to as much as £410** when install on a 4 + bedroom house. (domestic retrofit)
The Export Tariff – Money for making too much electricity
As solar panels produce energy all the time, you may find you are producing more energy than your household can use. With the Feed-in Tariff, your left over electricity is fed into the National Grid in return for a set payment. 4.85 p /Kw.
If you find your need to top up your energy at any point because the solar PV is not producing ( overcast ,night time) sufficient amounts for your household, you will be able to buy that electricity off the energy suppliers at a usual company rate 10p-16p at present.
Energy prices are set to rise steeply over next few years, higher then inflation and pressing heavily on household budgets.
Bay investing in SolarLDN PV system you can largely safeguard yourself against these increases.