Solar PV Feed-in Tariff Earnings Summary
Average generation tariff earnings = £530 per year
Average export tariff earnings = £40 upwards per year
Average energy bill savings = £100 per year
Once you have installed your new solar PV panels, you can benefit from the government Feed-in Tariff (FIT) scheme. This tariff provides cash back for the amount of renewable electricity generated by solar PV panels to encourage homeowners to switch to more eco-friendly fuel options. Under the government scheme any surplus electricity you produce can also be sold back to the National Grid; and because you are paid for electricity you use as well, earnings end up averaging about £670 per year! Solar PV panels also require little maintenance and are designed to last about twenty five years – so you really are saving money in the long run.
Installation costs will vary according to where you shop or what kind of deal you end up going for, but on average a PV Solar Panel FIT monitor will cost around:
- For 50-80w solar PV systems £60
- For 90-120w solar PV systems £80
- For 130w+ solar PV systems £120
Remember, these are only estimates, and if you shop around properly you might be able to have the FIT monitor installed as part of your original solar panel deal – so don’t always go for the first thing you find. Either way you will, however, end up saving money in the following ways:
- Generation tariff – for each kilowatt hour (kWh) of electricity you generate, you are paid a standard, set sum under the scheme, which usually averages around £530 per household, per year.
- Export tariff – under the export tariff you could save an additional £40 a year, by selling any surplus electricity generated back to the National Grid. Before installation this is usually estimated at around 50% of what is produced, so if you wish to alter that figure you need to contact people in charge as soon as possible, so a more accurate SmartMeter can be fitted alongside your solar PV panels.
- Energy bill savings – finally, solar PV panels can save you between £90 and £180 per year on your electricity bills. This may not sound like much, but because of the longevity of solar panels you will end up recouping your costs and a little extra before you know it!
Get FREE no obligation Solar panel installation quotes and see costs in your area now!