Despite recent changes to the Feed-in Tariff (FiT), solar continues to be a sound investment for UK homeowners due to more affordable systems on the market, rising energy bills and intelligent systems which can maximise use of the system.
Whilst the new tariff is lower than the industry had hoped, it is a great improvement on the Government’s original proposal, due to a campaign by the Solar Trade Association, businesses and the general public.
Under the new tariff homeowners can expect to make a return of around 5 percent which is tax free, inflation linked and a higher rate than most savings account, where interest rates are at their lowest.
A competitively priced solar system is likely to earn back enough money to cover the cost of the initial installation within 14 years and homeowners can further improve the return on investment through intelligent use of their system. For example, maximising their use of power output from the system (including using timer functions and running appliances during the day) and by investing in power inverters and battery storage.
Paul Barwell, CEO of the Solar Trade Association (STA) said:
“Let’s be clear; solar is still a good investment for householders and an essential investment for the planet. Costs have come down so fast solar is much more affordable today than five years ago – around half the price of a new car. There has never been a greater need to go solar because acting on climate change is more urgent than ever. Solar will save on your energy bills, and potentially add value to your home.”
“The changes to the solar feed-in tariff are significant but solar technology is exceptionally reliable and attractive and the solar industry has proved itself to be the best energy sector in the world at bringing down costs and developing innovative products. We know that solar power is the UK’s most popular energy technology and we are confident that, while solar may be less financially attractive than previously, we remain on track and determined to deliver a solar revolution that will benefit everybody.”
SBS have a wide range of high quality products and training courses that will help you take advantage of the solar market. For more information on how we can support you, please email firstname.lastname@example.org.