(PRWEB UK) 2 November 2011
With rising inflation, a reduction in the manufacturer and installation costs of solar photovoltaic (PV) panels, and generous feed-in tariffs guaranteed for the next 25 years, those who choose to install solar PV within the next few months are set to reap the benefits for years to come. But this inviting investment is only going to be available to the British public until 11 December 2011.
From 12 December 2011 the Government is set to reduce its feed-in tariff from 43.3p per kWh to 21p per kWh. The current scheme could pay back more than double your spend. For example, a £12,000 solar panel system could net £27,500 over 25 years.
Installing solar panels after December 11 will cut typical earnings from £1,190 to £640 per year. Spirit Solar, a Microgeneration Certification Scheme (MCS) approved UK supplier and installer of solar panels, are now urging consumers to invest in these solar PV systems.
The returns currently enjoyed from investing in installing solar PV systems and signing up to the feed-in tariff is set to get better and better until the review date. The scheme was set up in April 2010 to encourage the installation of solar PV panels, with FITs tied to inflation rates. So the latest increase in inflation, together with the downward trend in the cost and manufacture of solar PV systems, increased demand (with bigger volumes of product decreasing the cost per unit), means that those with the right kind of property – a house with a pitched roof around 40 degrees, facing between south and south west – are set to profit from both a reduction in energy consumption, and ‘earnings’ from the FIT.
It’s no surprise that under the current scheme, and against the backdrop of ever-increasing unsustainable fuel and energy consumption, solar PV systems are widely considered to be a great investment. The bigger the system installed on a roof, then the bigger the payback will be. Spirit Solar explains that with some schemes, although the customer will have to foot the initial installation cost, the tax-free payments from the energy generated from each household’s solar PV system, together with the savings enjoyed from a reduction in household energy consumption could see the panels paying for themselves well within this 25 year FIT payment period.
After 11 December 2011
Although consumers will benefit from the best payment schemes now and before 11 December 2011, even after the review and the speculated cut in FIT payments, solar PV panels will continue to offer many benefits. FITs will still ‘earn’ householders an income, and with fuel prices expected to continue to rise alongside the increasing energy efficiency of solar PV systems, the alternative energy source will still offer considerable savings and increased energy efficiency.
The overriding message from Spirit Solar remains, however, that consumers should act sooner rather than later to take advantage of the existing high payments and benefits on offer from the Government.
To find out more about solar PV systems and the latest news about existing and future government feed-in tariffs, visit Spirit Solar’s website at http://www.spiritsolar.co.uk
About Spirit Solar
Reading-based Spirit Solar Ltd are qualified specialists and installers of Microgeneration Certification Scheme (MSC) accredited solar PV systems, operating within both the UK and Spanish domestic and commercial markets. Fully insured and guaranteed, Spirit Solar installers work closely with qualified structural engineers to ensure compliance with Building Regulations and offer a 10-year guarantee backed by the Independent Warranty Association (IWA).