Released on: March 02, 2010, 8:01 am
npower has reported that, thanks to a new government cashback scheme, those who use solar power to generate their own electricity could soon earn approximately £960 per year.
Introduced by the government in April 2010, Feed in Tariffs, or FITs, as they're more often referred to, offer homeowners with solar photovoltaic (PV) panels a payment of up to 41.3p for every unit of electricity they generate.
James Morgan, solar expert for npower, commented: "This is great news for homeowners. Put simply, owners of solar photovoltaic panels, which produce electricity, will be paid for all the energy they generate - regardless of whether they use it themselves or sell it back to the grid. So not only will your energy bills be reduced, but you will also be receiving a regular income from the energy you generate.
"Consequently, there's never been a better time to be installing solar panels on your home. Since the introduction of the scheme, we've seen a huge increase in the number of people interested in going solar, as the extra financial benefit offered by FITs means that the payback period has been reduced to around 15 years for a typical installation costing around £12,000."
Solar photovoltaic (PV) uses energy from the sun to create electricity to run appliances and lighting in the home. Solar PV requires only daylight - not direct sunlight - to generate electricity, making it incredibly efficient. The system also generates no greenhouse gases, helping to reduce homeowners' carbon footprint.
Ronald and Wendy Jordan from Cornwall are one couple who will benefit from Feed-in-Tariffs. They run their own beef farm and bed and breakfast near Lostwithiel and decided to invest their savings in solar PV panels while interest rates were low.
Although their 1560's property was not suitable for an on roof installation, the Jordans' farmland provided an ideal location and their 2.2 kWp system is ground-mounted on the southern side of the property. The solar panels now generate the vast majority of the electricity used in the farmhouse.
Along with the savings the couple will make from generating their own electricity, they will also receive a payment for all the electricity their panels produce thanks to FITs.
Ronald Jordan commented: "Wendy and I have always had an invested interest in renewable energy as an environmentally sustainable way to generate power, so solar panels were the next step towards making our home more energy efficient and to protect ourselves financially in the future.
"We are already seeing the benefits of generating our own energy and expect these to grow as we begin to earn money through the FITs."
Ronald and Wendy chose npower to install their solar panels as the company was able to offer them a one-stop-shop solution. From a site survey through to installation and buying back excess electricity, npower oversaw the entire process, to help make installation as easy as possible.
npower has 6.6 million residential gas and electricity accounts throughout the UK. npower is a market leader in renewable energy. npower juice matches green energy primarily from off-shore wind farms for juice customers at no extra cost. Join the energy industry discussion on npower's interactive debating website the brighter energy debate where you can post your questions, views and comments.
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