Feed-in Tariffs
The Feed-in Tariff scheme provides regular payments for the generation of electricity from solar electricity panels (PV) or wind turbines.
The scheme guarantees a minimum payment for all electricity generated by the system, as well as a separate payment for the surplus electricity you are generating and exporting to grid. These payments are in addition to the reduced bills resulting from generating your own electricity.
Once you have microgeneration technology correctly installed you should experience a monthly reduction in your electricity bill and then receive an income from your Feed-in Tariff provider. If you take out a loan to pay for your installation, Feed-in Tariffs are designed so that the average monthly income from your installation will be significantly greater than your monthly loan repayment (with a 25 year loan) – so even when you’re borrowing, the benefits are still there. In fact, there are – at last – substantial financial gains for instantly renewable energy
The Renewable Energy Group now offers financing arrangements to help spread the cost of investing in solar –
ask us for details.
How the FIT scheme works
If you are eligible to receive the FIT then you will benefit in 3 ways. Rates will change after 1st April 2012 for new entrants to the scheme, but once you join you will continue on the same tariff for 25 years:
Generation tariff – a set rate of paid by the energy supplier for each unit (or kWh) of electricity you generate.
These rates are currently:
• 41.3p/kWh (unit) for up to a 4kW system which you are fitting to an existing building
• 36.1p/kWh for 4-10kW systems fitting to an existing building
• 31.4p/kWh for 10-100kW systems fitted to an existing building
Export tariff - you will receive a further 3p/kWh from your energy supplier for each unit you export back to the electricity grid rather than using on-site.
Energy bill savings – and as well as being paid for your exports, your energy bills will be lower because you’ll be buying far less. The amount you save will vary depending how much of the electricity you use on site.
These tariffs are guaranteed for 25 years – at that same rate up to 1st April 2012 – at that point those who have already taken action will continue to receive those rates – those installing after that date may receive lower rates – so this is the time to act!
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