If the government is to fulfil its renewable energy targets, the UK should have 10 million homes with solar panels before 2020. Since 2010, the government has encouraged homeowners to buy solar panels by offering tax-free cash earnings through the Feed-in Tariff scheme (FITs). But that is about to change.
From 1st January 2016, the government is planning to cut the FITs by a huge 87%. This means that homeowners that choose to install solar panels after this date will only get 1.63p/kWh, compared to the 12.47p/kWh they can get currently.
If you’re thinking of getting solar panels, you should act now. Installation costs are at an all-time low, so you should get quotes now whilst you can still benefit from the higher rate of FITs. Once you’ve got the higher rate, you will get that for the next 20 years, regardless of what happens to FITs in the future.
Still not sure about whether to go solar? There are 5 main benefits to installing solar panels and generating your own electricity:
- Earn up to £14,000 over 20 years from FITs for the energy you generate and use as well as the electricity you export back to the grid
- Save 50% on your electricity bill as solar-generated electricity costs nothing
- End your dependence on energy companies by generating your own electricity
- Reduce your carbon footprint by using a renewable source
- Add value to your home – buyers are looking for properties with solar panels