The Government’s Clean Energy Cashback Scheme, known as the Feed-in Tariffs (FITs) has made investing in Solar a very attractive proposition. The FITs (1 Oct 2013 – 31 Dec 2013) is 14.90p per unit (kWh) generated. Payment is guaranteed by the Government for 20 years, index linked and tax free. You’ll be paid even when you use it yourself! Any excess not used by you but fed back to the National Grid will earn you an extra 4.5p per unit.
What are PV Solar panels?
“PV Solar” stands for “Photovoltaic Solar”. Daylight is converted through photovoltaic cells in the panels into clean electricity. The inverter converts the electricity from direct to alternating current to be used in the home. A solar PV system is made up of panels consisting of thin layers of silicon.
Photovoltaic panels are guaranteed (by a manufacturer’s warranty) to continue producing electricity for at least 25 years and with electricity prices likely to rise in the near future due to supply shortages of fossil fuels, solar panel installation is an investment worth considering.
Why you should install PV Solar panels on your Property:
Lower Your Energy Bills
The average cost of electricity is approximately 13p per kWh and this had increased by about 7% every year over the last decade. A medium use household will use about 3300 kWh of electricity per year and a typical 1.8kWp domestic Solar PV System can provide over 45% of this demand. On top of this, most utility companies will now pay you for generating your own green energy because they have renewable energy targets to achieve. So, not only are you saving money by not having to use as much energy from the grid but you are also getting paid for your contribution!
Protect Against Future Electricity Price Increases
The demand for electricity and therefore the price of electricity has grown substantially over the past few years. Solar PV systems can ensure that a household’s electricity demand is wholly or partly met. Therefore, this can completely eliminate or, at least, significantly reduce your dependency on electricity supplied from the grid.
Increase the Value of Your Home
Although there have been no official studies to show how Solar PV affects the value of your house in the UK; in the United States, the National Appraisal Institute’s Journal from 1999 stated that the value of your home increases by approximately £10 for every £0.50 reduction in your annual utility bills.
Based on this an average 1.8kWp Solar PV system could increase the value of your house by over £4,000.
Make an Investment
You can currently get a better rate of return by investing your savings into a Solar PV system than if you put them into a bank account or an ISA. The return rate on your Solar PV installation will potentially increase yearly if the price of electricity continues to rise.
Enjoy a system which is reliable and requires no maintenance
Most solar panel manufacturers give a 25-year warranty for their products and since a PV Solar system has no moving parts – very little maintenance is required.
On top of all this, you will be helping to save the planet by significantly reducing your carbon footprint. An average 1.8kWp Solar PV system can reduce your carbon emissions by over 900kg of Carbon Dioxide per year and just by having them you will encourage others to follow your example.