Figures released by the Department of Energy and Climate Change this week suggest that the Solar PV market has continued to grow over the summer, despite a slight fall in the number of installations carried out in August.
The total number of 0-10kWp installations in August reached 32MW; exceeding the number of installations commissioned in June and falling only 2MWp behind the recorded figure for July. Whilst the reduction of installations between July and August was to be expected as home and business owners enjoyed their summer holidays, the overall increase of installations between June and August demonstrates that more and more homes and businesses are investing in Solar PV.
Looking ahead to the Autumn, the Department of Energy and Climate Change expect this upward trend to continue as customers hurry to complete their installations before January 2015, when a new Feed-in Tariff comes in effect.
We will not know the new Feed-in Tariff rate until Ofgem’s scheduled announcement on 31st October, however industry experts expect that the automatic digression mechanism will reduce the Feed-In Tariff by approximately 3.5%. If this estimate is correct, the standard rate for PV systems up to 4kWp will drop to 13.87p/kWh.
Richard Jones, Director in Lincolnshire and Nottinghamshire comments, ?the demand for Solar PV for homes and businesses across the East Midlands continues to grow and it remains an excellent investment. Although there will likely be a 3.5% fall in January and again in April, homeowners and businesses, particularly those with large electricity bills will continue to benefit hugely as well as making a contribution to reducing Carbon emissions.?
To discuss how Solar PV could benefit your home or business contact your local EnergyMyWay.