Solar panels are a common site across the UK and a great way of reducing energy costs. But did you know that installing solar PV panels could even turn you a tidy profit? With the government’s tariff schemes you can ensure completely free energy and even sell your excess energy back to the grid. Here’s how:
1. Install solar PV panels
Over the last decade the cost of installing solar panels has dramatically reduced, which means getting your panels fitted won’t break the bank. There are lots of solar panel installers out there fitting panels but make sure you check them out thoroughly and ask to see examples of their previous work.
2. Apply for the Feed In Tariff (FIT)
Whether you use solar panels, wind or water power, if you generate your own electricity you’re eligible for the FIT.
How it Works
You’ll get a set figure for each kilowatt hour of electricity that’s generated by your solar panels. The amount you’ll get will be based on a number of factors, including:
- Who fitted your panels – they must be installed by a certified PV Installer company
- When your panels were fitted
- The type of panels you fit
- The size of your solar panels
To find out more about this you can speak to an energy supply company or a solar panel installation company. You can either choose to receive payments from the energy company you already use, or you can choose another registered supplier. Click here for a list of registered suppliers around the country.
However, these payments will cover the cost of your energy, so in effect you will be getting your energy completely free, but not necessarily turning a profit – but you can also make money on your excess energy. Here’s how:
The Export Tariff
The export tariff allows homeowners to sell energy back to the grid. At present, you can earn 4.5p for every unit of electricity you sell, provided that you applied for the FIT after 1st August 2012. If you applied for the FIY before this time you’ll be entitled to 3.2p for each unit of extra energy you generate.
How Much Could I Get?
You can visit the Energy Saving Trust (EST) website to find out more about the cost of installing solar panels and the money you could make selling your energy. Click here to visit the solar energy calculator on the EST website.
It feels great to do your bit for the environment, but it’s even better to make money at the same time! So don’t delay, fit solar panels today and you could be getting completely free energy and selling back to the grid within a matter of weeks, so you never have to worry about the cost of energy again!