Sometimes it’s difficult to believe the solar market actually has the Government’s backing, especially when there seems to be cuts every few months in the lucrative feed-in tariff.
And before the year’s out it’s anticipated that the tariff rate for solar panels will be further reduced. In fact, energy watchdog Ofgem predicts that rates will be slashed by a minimum of 3.5% on 31 December. This means if you want to take advantage of what solar has to offer, it’s imperative to act quickly.
Essentially, by installing solar panels on your rooftop now, you’ll stand to earn over £700 every year over two decades. With the prospect that delaying an investment by just a few months would result in lesser earnings, it’s little wonder homeowners are keen to install quickly.
Solar panels have been very popular in the UK for the last few years, ever since the feed-in tariff was first introduced in 2010. With the Government scheme you’re paid for every unit of renewable electricity generated at your home.
Of course, on top of these earnings you’ll also be able to save a small fortune on your energy bills annually and even sell excess energy to the National Grid.
Thousands of homes up and down the country install solar panels every month and this number seems to grow significantly when a feed-in tariff deadline looms. In fact, the week before the July cuts, 32,500 installations were recorded. Just a week later that figure plummeted 90%.
With another surge expected over the coming weeks and months, it’s important to get your solar journey underway. Get off on the right foot by comparing quotes from reputable solar companies in your area and discover how your home would benefit from solar panels.
Remember, with solar panels:
- Earn hundreds of pounds on a yearly basis with the feed-in tariff income. Once you’re locked onto the tariff you’ll earn that fixed rate for 20 years.
- Save on your expensive electricity bills by generating your own power on-site.
- Sell any excess electricity you create to the National Grid to ensure nothing is wasted.
- Reduce your home’s carbon footprint by using a renewable source for your home’s energy.
Despite the feed-in tariff cuts, it does seem the Government is keen for solar to continue to prosper. At the moment it’s the country’s greatest renewable power and there’s no reason for that to change.
Matt Hancock, the new Minister of State at the Department of Energy and Climate Change said: “I think solar is one of the big opportunities. As the price falls and it becomes competitive – potentially grid competitive – in the short- to medium-term, solar is a big opportunity, even in cloudy old England.”
To discover the cost of installing solar panels on your home, read our complete guide which covers the price of purchasing the system and the return you can expect.