Feed-in-Tariffs generate record interest in solar PV
August sees record solar PV installation…
August saw a record rise in the number of solar panels installed on UK homes, the BBC has reported.
Figures from Ofgem, the energy regulator, show that around 2,257 solar installations were carried out in August, compared to 1,700 in July and 1,400 in June.
More than 6,688 homes have had solar panels installed since government Feed-in Tariffs (FIT) were introduced which pay a rate for each unit of electricity generated by renewable electricity generating technologies.
Homeowners benefitting from the FIT scheme receive 41.3p for every unit of electricity their system generates. On top of this, solar photovoltaic systems typically save homeowners around £100 on reduced electricity bills.
Any excess electricity generated can also be sold back to the National Grid, typically for around £30 per year.
The Energy Saving Trust calculates that a £12,000, eight panel solar photovoltaic system would pay for itself after 14 years under the FIT scheme, with a profit made for the remaining nine years of around £8,000.
Homeowners should not rush into buying solar PV systems to benefit from the FIT scheme however, as only homes with south facing roofs.
The amount of energy generated also fluctuates depending where in the UK you live, with homes in the north of Scotland having the capacity to generate around 20% less electricity than those in the South West.
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