Last updated on February 16th, 2019 at 04:08 pm
With the overwhelming success of the feed-in tariffs for PV solar panels (photovoltaic) in 2010 and 2011, I am sure you have noticed them on the roofs of homes in your area, and in the future, will continue to do so at an ever-increasing rate.
Stuart Lovatt, the founder of Power My Home, explains. “Since the feed-in tariffs began in 2010 we have always shouted from the rooftops ‘(excuse the pun) that installing PV solar panels sooner rather than later is a must. The incentive schemes have always been designed to reward early adopters the most and later adopters the least.”
Despite the feed-in tariffs scheme’s mismanagement and the premature reduction in rate, the tariffs already had plans in place to be reduced in April 2012. The panic buying rush that we witnessed a late last year would have happened anyway, before the April 2012 deadline.
The new rate of 15.44 pence per kWh is a reward rate that pays you for the power you generate, EVEN IF YOU USE IT YOURSELF. This rate is also time-sensitive, with the rate progressively being lowered every couple of years.
How good exactly is the PV solar panel tariff?
Let’s now put this feed-in tariff scheme in context.
This situation is the equivalent of the government saying “If you buy a new car, we will pay you a fixed sum per mile for the lifetime of the vehicle, even if you are using the car for your own needs”.
Think about that for a moment.
As petrol costs in the long-term creep higher and higher, the benefits of this fictional scenario would be visible. This same line of thinking should also consider when thinking about installing solar panels too.
The best bit is still to come!
Using the car analogy once more, please imagine that an expensive new car was also guaranteed to be still running like late in 25–30 years’ time – even earning you money as well as saving you money and always looking as polished and new as the day it’s bought.
This situation may sound like I had one too many glasses of wine during the Christmas break, but this is the actual reality when you install PV solar panels to your home.
Long-term survival in an increasingly energy-hungry and rich world is paramount, not only for governments but individuals too. Realistically, solar technology has a lifespan longer than your mortgage and will still be benefiting you far into the future, when your new car is but a faded memory of the past.
PV solar panels will continue to appear in the streets around your area. Those who install them this year will benefit more financially than their neighbours who left it until 2015 to fit theirs.
The benefits of installing solar technology to your home are now visible; the only question you have to answer now is – When?