Could PV panels be better for your money than a savings account?
This month, we have seen a new incentive introduced in the UK which makes the idea of producing your own electricity much more financially appealing.
The Feed-In Tariff (FIT) is available to anybody who has photovoltaic panels (or PV to you and me) installed on their homes at any point in the next two years. Unlike solar thermal panels, PV produces electricity from natural light and pumps the power straight into your home. Any surplus gets sent onto the National Grid.
But here’s the icing on the proverbial cake – for every kilowatt of electricity you produce that gets put into the grid, YOU get paid 41p… and this figure will rise with inflation! Although efficiencies can vary wildly, around six square metres of PV would be expected to produce a kilowatt hour of energy.
The idea of Feed-In Tariffs isn’t new, and has been used in other countries for several years. A case study in Germany has found that a 2kWh system would cost about ten thousand pounds to install, take about ten years to pay for itself in reduced energy bills, and then is expected to give the homeowner around a 9% annual return on the investment. How many banks can guarantee a money-maker like that?
Clearly the Powers That Be are very keen on this idea, otherwise they wouldn’t have set up such a generous tariff. On top of that, PV and solar panels no longer require additional planning approval in the majority of cases.
If you are building a new home, you can now incorporate PV arrays into the roof which look like shiny roof tiles. This will not only save the homeowner money on their electricity bills, but will also give you a better Energy Performance Certificate rating and a very impressive looking SAP assessment.
PV works best on a south facing roof with minimal overshadowing, but can be installed facing any orientation.
If you are considering using a renewable technology on a new build or extension, let the Energist assessment team tell you just how much of a difference you’ll be looking that.
Give us a call on 08458 386 387 to find out more.
