Deadline nears for solar panel tariffs
HOMEOWNERS have just over 60 days left to secure an eye-catching return on investment if they go ahead with a solar PV installations.
From July 1, the Government is cutting the feed-in-tariff subsidies for domestic schemes of less than 4kw from the current 21p to an expected rate of 15.7p. This may be as low as 13.6p but no higher than 16.5p.
Under the present FIT rate, the return on investment is more than 10 per cent and is guaranteed for 25 years. However, when the rate reduces to 15.7p – or the 13.6p rate if deployment in March and April is between 150 and 200MW – the potential return on investment will drop to between 4 and 6 per cent, say renewable energy company Eco Environments.