The Feed-in Tariff allows you to earn money for every unit of electricity you generate with solar panels. Up until now, you could earn up to £13,450 over 20 years by generating electricity with solar panels, but this is all set to change.
The government recently announced that it plans to cut the Feed-in Tariff from 12.03p/kWh to just 4.39p/kWh. This will take effect from 15th January, so act now to benefit from FITs before it’s too late.
The previous FIT scheme allowed every generator of solar electricity to apply for and receive the payments. However, under the new scheme, there will be a cap on the amount of people that can receive the new rate. If you miss out on the tariff you apply for, you will be put in a queue for the next one when it opens. This means that even if you do install solar panels, you might end up not being able to receive FITs payments anyway.
NO NEW INSTALLATIONS ACCREDITED FOR 3 WEEKS
To prepare for the change, no new installations will be FITs accredited between 15th January and 8th February and if you apply during this time you will be placed in the queue. So even though you’ve applied before the changes come into effect, you’ll still only receive the new tariff.
DEFAULT DEGRESSION EVERY 3 MONTHS
As well as capping the number of applicants that can receive the payments, every 3 months the payment per unit of electricity will go down. And since there’s no guarantee that you’ll qualify for the tariff at the time that you apply, you need to act now so you can earn the higher rate before it is cut on 15th January.