Average generation tariff earnings = £530 per year
Average export tariff earnings = £40 upwards per year
Average energy bill savings = £100 per year
Update – June 2012: Get in quick and install solar PV panels before the 1st August to get a greater Feed-in Tariff rate of 21p per kWh. What this means is you’ll earn an average of GBP670 per year for 25 years as opposed to the low speed of around GBP555 for 20 years in the event that you install after the August deadline.
Feed-in Tariff Info
You can gain from the government Feed – in Tariff (FIT) scheme, as soon as you have installed your new solar PV panels. This tariff provides cash straight back for the amount of renewable electricity generated by solar PV panels to encourage homeowners to switch to more eco-friendly fuel options. Under the federal government scheme, any surplus electricity you produce can be sold back again to the National Grid; and gains end up averaging about GBP670 each year, as you’re taken care of electricity you use as well! Solar PV panels also need little maintenance and are designed to continue about twenty five years – so that you really are saving money in the long term.
Installation costs will vary in accordance with where you shop or what kind of deal you end up going for, but on average a PV Cell FIT screen will cost approximately:
For 50-80w solar PV systems – GBP60
For 90-120w solar PV systems – GBP80
For 130w solar PV systems – GBP120
Remember, these are merely estimates, and should you shop around accordingly, which may enable you to gain the FIT screen installed as a member of the original solar power deal. Thus, don’t always opt for the very first thing you find. Either way you will, however, end up saving money in these ways:
Generation tariff – for each kilowatt hour (kWh) of electricity you produce, you are paid a normal, set amount under the scheme, which generally averages around GBP530 per home, per year.
Export tariff – under the export tariff you could save an added GBP40 per year, by attempting to sell any surplus electricity generated back to the National Grid. Before installing this is typically estimated at around 50% of what is generated, so if you want to transform that amount you are required to contact individuals in charge as quickly as possible, so a much more accurate SmartMeter may be fitted alongside your solar PV panels.
Energy bill savings – finally, solar PV panels can help you save between GBP90 and GBP180 per year in your electricity bills. This could not sound like much, but due to the longevity of solar panels you may wind up recouping your costs and a little additional before you know it!
These changes will be made for the FIT scheme from 1st August 2012:
-Generation tariff rates will decrease to 7.1p per kWh for solar installations as much as fourkW in size, installed in properties which have an EPC rating E or under
-The duration of time tariffs will undoubtedly be paid for will certainly reduce from 25 to 20 years
-The export tariff rate will increase from 3.2p per kWh to 4.5p per kWh
These changes mean that you would still make around a 6% return on investment in the event you join the FIT scheme after 1st August 2012, says the authorities. Kevin Power, from Kraft Renewable Energy estimates in case you install after 1st August), that you would get around GBP11, 085 over twenty years through the FIT scheme (index linked for inflation.