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Choosing solar panels is still a ‘no-brainer’
10:39am Friday 31st August 2012 in Lifestyle
Choosing whether or not to put solar panels on your roof is still a ‘no-brainer’ despite the Government’s latest cuts in subsidies this month, says a Stourbridge energy specialist.
Colin Priest points out that householders will receive returns of up to 9.2 per cent on their money and that the average investment for a family home will pay for itself in ten years.
This is despite the Department of Energy and Climate Change slashing its generous subsidies by nearly two thirds in nine months from 43p per kilowatt hour for 25 years to only 16p per kilowatt hour for 20 years from Wednesday, August 1.
In that time the number of solar panel installations has fallen by more than a half from 27,000 a month to only 12,000.
Colin, who lives in Quarry Bank, added: “Compared to the banks and other investments, where else can you get a return of up to 9.2 cent on your money? Deciding whether or not to invest in solar panels is a no-brainer.”
The Solar Trade Association (STA) calculates that a family installing a 4kWp system this month costing £8,000, using 50 per cent of their power in the home and exporting 50 per cent to the National Grid, will find that it will have paid for itself by August 2022.
This is based on Government projections in electricity cost and established national average yields from solar power.
Colin, who works for Noreus Ltd in Stafford, said the main benefit was the Feed-in Tariff or FiT payment. This is the money the Government pays people for generating electricity every year from the scheme, as it is index-linked to retail prices inflation and guaranteed for 20 years.
At present the FiT is paid at two tariffs. The Generation Tariff is at 16p per Kilowatt Hour for all electricity generated for a 4 kWp system and is topped up with the Export Tariff, which adds an extra 4.5p per KWh for electricity exported to the Grid.
“Electricity prices have gone up substantially over the past few years,” said Colin. “Solar power gives people the opportunity to take control of their electricity bills and helps us as a nation to move away from damaging fossil fuel dependence.”
For more details about energy-saving call Colin Priest on 0845 474 6641.