There are just over two weeks remaining for you to lock onto the higher solar panel tariff, before prices are slashed on April 1.
As part of the Government’s quarterly feed-in tariff review, rates will plummet 4.5%, meaning your potential earnings will be significantly affected.
Essentially, if you want to receive a maximum return on investment with solar panels and benefit from all the perks associated with the top rate, you need to act quickly.
You have until March 31 to have your system installed by an MCS accredited professional and registered onto the scheme.
The feed-in tariff rates will drop on April 1 from 14.90p/kWh to 14.38/kWh.
What is the feed-in tariff?
The feed-in tariff is a lucrative Government incentive to help promote the uptake of solar panels and other renewable products. It was first launched in April 2010, proving a popular scheme amongst homeowners as well as businesses.
The scheme works by paying a fixed price for the electricity you generate in the home, whether it’s used onsite or shipped to the National Grid with the export tariff.
With the current feed-in tariff rates you can earn over £500 a year, with electricity savings and export tariff payments on top. Ultimately, you’ll make a brilliant return on investment, which is currently between 10% and 15% annually.
When you consider that solar panels will operate with little to no maintenance for at least 25 years, you have a sure-fire way to protect your bills for over two decades.
And once you’re locked onto the current rate, you’re guaranteed higher payments for 20 years.
What if I miss the deadline?
First off, we recommend beating the March 31 deadline in order to receive the higher feed-in tariff rates for 20 years. This will ensure you benefit from a greater return on investment and earn more money on a monthly basis.
However, if you do miss this deadline it’s not the end of the world. Of course, you will receive a lesser rate, but this is still more than enough to see you make a great return over the solar panel system’s lifetime.
Above all it’s important to use a Microgeneration Certification Scheme (MCS) approved installer to fit the panels. This way you’ll be eligible to receive the feed-in tariff.
