Introduction of Feed-In Tariffs goes live April 1st 2010
With the 1st April vastly approaching it is an exciting time for the renewable energy sector. The brand new Government ‘Feed-In Tariff’ which goes live on the 1st of next month and will reward the owners of solar power panels and wind turbines for investing in reducing their carbon footprint. The tariff, which is part of the Clean Energy Cashback incentive, aims to encourage people into investing in renewable energy systems and pay them for creating their own energy. It’s followed next year by the Renewable Heat Incentive, which does the same on an even more significant scale for those investing in renewable energy heating systems. For homeowners and businesses this means the Government will pay you for the energy you produce and if you create any additional electricity, you will be paid to sell it back to the grid. With these two cash incentives combined with the reduced amount of energy you have to buy from utility companies , the savings on your bills become significant.
This indicates a great time to install a renewable energy system such as an air source heat pump or solar PV system, as it is estimated the average household will receive £950 a year from the Government. This money will help towards the repayment of the initial installation and it is estimated to turn into profit within 7-9 years, making eco heating a very good investment.
These tariffs are a significant step forward in the overall target to increase the amount of renewable heat and energy generated in UK homes. The EU policy states that 15% of the UK’s generated energy should come from renewable sources by the year 2020 and this is a legally binding contract between the EU and the Government. This means the Government should be seen to do everything possible to ensure they reach this target – obviously great news for all owners of renewable energy systems!
To learn more about installing air source heat pumps contact the Green Air Team.