The Government’s Feed-in tariff or FiT, is a payment provided to people who install certain renewable technologies which generate electricity including solar photovoltaics (PV) and wind turbines. The most common measure installed by households is solar PV and these solar panels can be seen on homes across the country as well as on solar farms. The solar panels generate electricity which is converted into usable energy through an inverter. The Feed-in Tariff provides a payment for every unit of electricity that your panels generate and offers a secondary payment for the energy that you do not use and which goes back into the grid. This second payment, known as the export tariff, is usually deemed, which means you get an export payment for 50% of the energy that you generate regardless of how much of the solar electricity you use in the home.
Prices for solar PV systems have come down by more than half over the last 6 years and you can still get a bank-busting rate of return of around 5-8% over the 20 years that the FiT is paid for. In addition to the FiT payments, your solar PV system will save you money on the electricity that you purchase from your energy supplier. The more of this free electricity that you can use the bigger the return will be on your investment so it makes sense to optimise your energy use to coincide with the peak power generation.
The Heat Project can install a solar PV system onto you home for as little as £3,500 including VAT with a 4kW system costing just £5,999 fully fitted including VAT. To find out more about the Heat Project solar systems please go here, or to find out how much you could save and earn with a PV system check out our solar FiT calculator here.