The feed-in-tariff was introduced by the government in 2011 to push the way for solar PV deployment. It was an incentive for people to get involved in solar panel installations, by giving them money for the electricity that they produced. At this time, solar PV was very expensive, and the tariff made purchasing a PV system and producing your energy look more fruitful.
Is solar PV worth it now?
As the incentive over the years from the government reduced, so has the cost of solar panel installations. The cost over the last eight years has come down dramatically. This reduction has kept the ROI (Return on Investment) for solar PV system around the same figure. Without a good return, many people would not take up a PV installation.
The time is now
In this country like others, the feed-in-tariff is slowly faded out as the price of the technology reduces. The cost of solar panel installations has never been lower and probably won’t get much more economical. People ask without the feed-in-tariff “is it worth getting solar PV” but the time has never been better. Prices are low, and the technology has got better.
With solar as always you save money by using your electricity you are generating from your system. There are also no restrictions on the size of the system you have, not like the feed-in-tariff based on its rates. (as systems got larger funding became less). Battery technology is also becoming ever-popular; you can add this into the system at a later date or purchase it with the system. This battery gives even more significant savings, utilising the energy you cannot use that would flow back to the grid. (say you are generating 3000w of power but only using 2000w, the extra 1000w would go back into the national grid).
When you export energy, you can still get paid for it. There is a new scheme coming out that will pay you for the export that goes back to the grid. This tariff is called ‘The Smart Export Guarantee’. Export payments only make up a minimal amount of the benefits from the solar panel system, the more electrical usage from the system you can utilise is where the real savings are.
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