One of the major advantages to installing solar panels at your home or business is that you can benefit from Feed in Tariffs. We’ve all heard of them but how many of us actually understand exactly what they are and how they work? Perhaps not too many of us… read this guide and find out all you need to know about Feed in Tariffs:
What Are Feed in Tariffs?
The Tariffs or FITs are payments that are made to anyone who has installed a renewable energy system like solar panels into their home or business. You get paid per kilowatt hour that you generate with your system. FITs are applicable to everyone including home owners, businesses and virtually anyone who owns a property.
How Much Can I Get Paid?
You could earn up to 41.3p/kWhr depending on the size and the types of system you have. If your system is generating more energy than you need or use you can export it back to the grid and get paid an additional 3p/kWhr.
And don’t forget having a renewable energy system will also mean you will see a significant reduction in your fuel bills, saving you money each year.
How Long Will I Receive Payments?
Feed in Tariffs are paid for 20 years. However solar systems that have been installed after 1st August 2012 are eligible for a Feed in Tariff that lasts 25 years.
The tariff should cover the initial cost of the system and installation, and according to the Government you should earn an extra 8% per annum. This means that, in practice, you should earn back the initial cost two or three times over the 20-25 year duration of the tariff.
If you’re thinking of having a greener 2013 and are looking into getting solar panels installed then make sure the expert team at SolarTech are your first port of call.