The Feed in Tariff scheme (or FiT scheme) was brought in by the government in 2011 to drive growth of renewable energy usage in small to mid size developments. The success of the scheme surpassed everyone’s expectations, helped in part by generous subsidiaries to support installations and also by rapid improvements and falling cost of technology.
The key benefit of the programme in the last few years has been the payments to households that generate electricity in this way. The FiT scheme pays homeowners for their energy production – even the energy the household uses themselves. In addition they also pay those that provide electricity back to the grid. Households with PV systems generally create more energy than they alone require, the FiT scheme allows homeowners to send excess power generation back to the grid and get paid to do so, therefore renewable energy households are recouping their installations costs quicker.
The ability to sell power back to the grid will not be offered as an incentive for new installations after March 2019. Any installations currently utilising the FiT scheme or signed up to the FiT scheme before this date will still be able to sell power back.
The FiT scheme can earn households up to £7,000 a year, a helpful way of recouping costs associated with the install. To take advantage in the final few months of the scheme get in touch today about PV installation in your home.