So, shock news has been announced over the last few days that the Feed in Tariff rates are expected to be reduced by the Energy Secretary on Monday. What will this mean for you the consumer?
The first thing to say is that there is still time left to take full advantage of the current incredible rates available under the clean energy cash back scheme. The rate of 43.3p and a 3p export tariff which could see you gain a round £1700 a year of financial benefits is still currently available, and is a definite reason to commit to investing in a solar panel installation now!
With the new rates which are going to be less, although it is as yet unclear exactly what these new rates will be, it is obvious that the attraction somewhat diminishes. However, this is not to say that it will still not be profitable, it will simply mean that a solar panel installation becomes a longer term investment than before. You will still receive free electricity with which to power your home, and will still be helping the environment by making use of a green technology: the only difference will be that the profit you will be making will be less. Yes, it may be true that the solar panels take a few more years to pay for themselves, but in the grand scheme of things that still leaves you with a number of years left with which to take advantage of the Feed in Tariff and make some extra cash!
Overall then, don’t be too disheartened by the proposed reduction in the Feed in Tariff rate. Take two things away with you from this article: if you are considering solar panels, invest now! Secondly, if you are wondering whether they will be a good investment in 3 months’ time, the answer is yes; the investment will just not be quite as good as it is presently.
To find out more about the proposed changes or solar panels or solar panel installations, contact Solar Days, who provide expert and professional solar panel installations throughout Shropshire and the surrounding areas!