Grants for Solar Panels
The UK government has committed itself to reducing household C02 emissions and improving the energy efficiency of homes throughout the UK. Currently there are two schemes specifically targeted at getting more domestic use of solar panels, one for solar photovoltaic panels and the other for solar hot water systems.
Other Government Grants Available
As part of a government backed initiative to make houses more energy efficient you can get up to £3500 towards the cost of solar panels. The level of grant available to you depends on your circumstances as well as any previous grants awarded on the property. To be eligible for these grants an accredited installer must be used and they will help guide you through what you are entitled to.
Solar Photovoltaic Panels
Direct grants for the installation of Solar Photovoltaic Panels are no longer available but there are still grants available for improving a homes energy efficiency that can be used towards the cost of solar panels (See Below).
The direct grants have been replaced since April 2010 by the new government backed feed-in tariff (FIT) scheme with which you have the ability to earn back money by feeding unused electricity generated back into the national grid as well as earn money for the power that you actually use. Ofgem are administering this scheme and the electricity suppliers themselves are responsible for paying the reward back to the customers.
It is possible for a well sited solar PV installation to earn a tax free income of £700 as well as saving around £140 a year on the household electricity bill meaning that the system could pay for itself in less than half of its expected lifetime leaving you to reap the financial rewards as this scheme has been guaranteed by the UK Government for 25 years. Currently if your solar photovoltaic panels were installed by an accredited installer you can earn up to 44.3p p/kWh for the power you export to the national grid and up to 41.3p p/kWh for the electricity that you use.
Solar Hot Water Systems
A second scheme is currently in place for those looking to purchase a Solar Hot Water System where the government will give a grant of a maximum of £400 or 30% of the total vat-exclusive installed cost, whichever is the smaller cost. In reality the cost of a solar hot water system means that most will receive the £400 grant.
Is is planned that the current grant scheme to stop towards the end of 2010 (Once the allocated money has run out) and to be replaced with the new renewable heat incentive (RHI) scheme which works on a similar basis to the FITs scheme. While the final figures are not currently available it is thought that a payment of around 18p p/kWh for the heat generated will be paid meaning that on top of the average saving in heating bills of £75 you will earn back around £350 per year. This gives a similar 'payback period' as you get with Solar photovoltaic systems.
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