Over 1 million homeowners in the UK have chosen to generate their own electricity using solar PV, with the benefit of receiving up to £7,000 in tax-free income from the Government incentive scheme.
Currently, the Government will pay you for generating your own solar energy, a scheme introduced for UK homeowners to encourage the use of clean, renewable energy. As solar PV has experienced such an influx of demand across the UK, the Government have decided there is no need to continue subsidising such a proven technology and will, therefore, be removing the incentives from March 31st 2019.
The Government currently pay two forms of incentives as part of the Feed-In Tariff scheme; the first is the Generation Tariff which is paid directly to the homeowner for the electricity the system has generated. The second payment is the Export Tariff; a bonus payment for every kilowatt-hour of surplus electricity the system exports to the National Grid. There is no way of monitoring how much electricity your system is exporting to the grid, so the Government pay you based on 50% of what you generate – a sort of ‘fault’ with the system that works in the homeowner’s interest! The ultimate goal is to use all of your generated electricity and still get paid the 50%!
These guaranteed payments are currently worth up to £7,000 over the 20-year period of your system, however, there is little time left to take advantage of the scheme which is currently available to all homeowners. This £7,000 is based on a 4kWP, South facing, Brighton property with a 40% roof tilt with predicted average inflation 4%. We understand that all properties will have a different specification which is why a tailored report from our Energy Advisers will provide you with all of the accurate figures specific to your home and energy use.
On top of this income, you will also save up to 75% on your energy bills. There are continuous reports of energy price hikes within the news due to increasing wholesale and distribution costs. Despite the Government’s best efforts to cap prices and pressurising energy companies to ensure transparency on bills, 2017 recorded an average rise of 8.4%, with one supplier increasing prices by over 12%! 2018 has also seen 43 price rises to date.
Going solar will also allow you to futureproof your home particularly as we transition from electric and petrol cars to electric vehicles. Currently, the average unit (kWh) price for electricity is ~15p. Depending on a number of factors, an EV will cover a different amount of miles per kWh. For example, the Audi A3 Sportback e-Tron charged at home would have a cost of 4.3p per mile. If the car were to travel 10,000 miles each year then this would require 3,103.45 kWh. This is an annual cost of £465.52 to charge the car. Typically, a home can have a 4 kW solar PV system installed and can expect to produce between 3,600 – 3,800 kWh per year of free energy. This would cover the entire charging costs of the EV and still have some power to help power your home for free.
For many of us, our peak energy usage time is usually around 6-8PM, unfortunately during winter months, when there is no daylight to allow your panels to generate electricity. Also during the day, your system may be generating to its maximum and you might not be able to make full use of all of the energy, which then gets sent back to the grid. This is where battery storage makes sense for many solar owners. You can store generated energy within a battery for use during the evenings/ early mornings.
Time-of-use tariffs are also becoming increasingly common. The concept is designed to incentivise customers to use more energy at off-peak times, in order to balance demand. These tariffs charge cheaper rates at certain times of night or day when demand is at its lowest, and higher rates at popular times. You can set your battery to charge during off-peak times so you can take full advantage of these cheap rates, which combined with free solar energy, will see your energy bills reduce significantly.
As well as the great savings and earnings from a solar PV system, with increasing pressures to contribute towards saving our planet, producing your own clean, renewable energy is a fantastic way to make a remarkable difference to the world. The average Solar Plants customer will save over 45 tonnes of CO2 over a period of 30 years! That’s the equivalent of saving the amount of fuel it takes to drive 87,700 miles – which would get you around the equator 3.5 times!
There really has never been a better time to go solar; with advanced technology to futureproof your home, pressures to be more green, protection from energy price hikes and the final chance to take advantage of the Government’s Feed-In Tariff, contact us today via the link below.