The government has announced that Feed-in Tariff rates for Solar PV will reduce by 3.5% from 1st April 2014. This applies to Solar PV systems under 50kWp, so homeonwers and smaller businesses will be affected.
If you already have Solar PV, your Feed-in Tariff rate is locked in so the new rate only relates to systems commissioned after 1st April 2014.
What does the 3.5% drop in Feed-in Tariff mean to homeowners?
A standard, 16-panel Solar PV array on a domestic property is giving EnergyMyWay customers an annual financial gain of approx £972 per year in savings and income. Returns are tax-free, index linked and guaranteed every year for 20 years.
After 1st April the new rate of 14.38p per kW hour stands to give Solar PV customers approx £955 per year by comparison, a reduction of just £17 per year.
Good News for those wishing to install Solar PV
The marginal drop in tariff is due to the high levels of installations of Solar PV across the UK with Solar PV continuing to be the most popular household source of renewable energy.
If you are considering Solar PV for your home or business and are ready to start staving on your bills and earning subsidy income, EnergyMyWay recommends locking in the higher rate and installing before 1st April 2014.