The government Feed-in Tariff (FiT) scheme ends in March 2019. This means that the financial incentive given by the government to property owners and community groups who install renewable energy technologies will cease.
Don't let the end of FiT put you off installing solar panels. Even though the government incentive for new installations will end, solar technologies remain an increasingly good investment. Particularly when you join up with Social Energy.
How did the FiT work?
The Feed-in Tariff provided a great way for homeowners to make a return on their investment when installing solar panel systems to power homes. While government grants ended a while ago, the Feed-in Tariff continued to offer financial benefits to homeowners across the UK by paying you for any electricity that your solar panels produce, split into two tariffs:
The Generation Tariff – This tariff paid homeowners for every kWh of electricity that was produced by the solar panels they own.
The Export Tariff – On top of Generation Tariff payments, you could also sell any surplus energy you produced back to the grid. You would usually be paid 50% of whatever you generated, known as the deemed export tariff.
However, once you have a SMETs2 meter installed, your export payment will stop.
How long are the tariffs paid for?
The tariffs last 20 years for almost all of the systems, with the exception of solar PV (25 years for systems installed before 1st August 2012) and micro-CHP (10 years).
I already have a FiT, how does this impact me?
The closure of the scheme does not affect installations which are already accredited. FIT support is payable for 20 years (25 years in some cases) and tariffs are adjusted annually by RPI. Your obligations under your statement of FIT terms will continue for the duration of your support. This includes your obligation to inform your FIT licensee about changes including, for example, installing battery storage with your FIT installation, replacing or moving metering, replacing generating equipment, or adding capacity.
Are Social Energy a licensed FiT supplier?
No, we are not a licensed FiT supplier. If you have an existing FiT please contact your supplier for more information.
More information from Ofgem here Ofgem