The UK needs to have 10 million homes with solar panels if it is going to fulfil its renewable energy targets by 2020. That’s why the government introduced the Feed-in Tariff scheme (FITs), which offers homeowners tax-free earnings on the electricity they generate. But the benefits of the scheme are about to reduce.
In its recent review of the solar Feed-in Tariff, the government laid out plans to cut the FITs by a huge 87% in the new year, meaning that the amount homeowners will get paid per kWh of electricity will go from 12.47p to just 1.63p. Once the changes take effect in January, there will be no strong incentive to install solar panels.
All is not lost, however – there is still time to take advantage of the higher rate of FITs, but you need to act quickly. The costs of solar panel installation are lower than ever before, so now is the time to get solar panels before the FIT is cut on 1st January. Once you’ve got the higher rate, you’re locked into that rate for the entire 20 years you’re entitled to receive the tariff, so now is the time to get solar panels.
If you’re still deciding whether to go solar, consider the 5 main advantages to installing solar panels:
- Earn up to £14,000 over 20 years for all the electricity you generate, whether you use it or not
- Stop relying on the big energy companies and overpaying for your electricity
- Save 50% off your electricity bill by generating your own free electricity
- Decrease your carbon footprint by using renewable energy
- Increase the value of your home – buyers are looking for properties with solar panels already installed
If you are thinking about having solar panels installed on your house but are unsure on how much solar panels cost then see our complete guide for more information. If you want to compare quotes for solar panels then we can help you find up to 4 solar panels installers to give you prices.