Solar FIT

Solar FIT

There are several reasons why solar power has taken off in the UK. The availability of highly efficient solar panels, the subsequent drop in the price of those panels, the need to cultivate sustainable alternatives to destructive fossil fuels and a general increase in awareness have all played a part. But the government, to its credit, has also had a hand in turning the UK into the world’s 6th largest producer of solar power and the main way it has done so is through the Feed in Tariff (FIT) scheme. The FIT is designed to encourage small businesses and homeowners who had previously dismissed solar as being too expensive to give it a try. And the idea has been a resounding success.

FIT: How it Works

The FIT allows you to be paid for the electricity you generate with your solar panels. How much you receive is subject to a number of variables and the amount paid per kilowatt hour (kWh) of electricity produced is reviewed and modified every 3 months. The FIT has spurred thousands of business and homeowners nationwide to install reliable, sustainable solar panels on their property.

How Much Could You Make with the Solar FIT?

There are 3 ways you can currently make money through the FIT scheme:

• The Generation Tariff - Your local energy utility will pay you a set rate for each kWh of electricity you generate. You have to register your system first and then the tariff levels will be guaranteed for the life of the tariff.
• The Export Tariff - Your local electric utility will pay you for each kWh you export to the grid. This allows you to sell any excess electricity you generate but don’t use. It benefits you and the other electricity consumers by giving them access to renewable energy.
• Savings on your monthly bill - You can’t forget that by installing solar panels on your home or business you’ll see a drastic reduction in your monthly electric bill. While this is not a payment made to you through the solar FIT scheme it is nonetheless additional money that will wind up in your pocket.

Note: Beginning in January 2017 the government reduced the amount it will pay to those with solar panels through the FIT scheme. But, contrary to many sky-is-falling stories circulating in the press, it hasn’t eliminated the solar FIT Scheme. Solar installations driven by FITs continue as do the savings enjoyed by home and business owners with solar panels.

The Bottom Line

While there is no way to state with certainty exactly how much each homeowner or business will make/save every month there are several ways by which you can profit from the FIT scheme.

If you’d like to learn more about how you can free yourself from the grid while simultaneously profiting from the installation of solar panels call us using the number on our contact page and talk to one of our solar power experts. They’re fully versed on all aspects of the FIT programme and can answer any questions or concerns you might have.