The benefits of solar electricity
There are a number of benefits that come with installing a solar PV system, not least of which is being able to earn £560 a year through your bill savings and the Feed-In Tariff.
- Reduce your electricity bills: A typical home PV system can produce around 50 percent of the electricity used by an average household in a year. Because this is free to you, you can save around £140 a year on your bills, more as energy prices rise.
- Cut your carbon footprint: Solar electricity is green, renewable energy and doesn’t release any harmful carbon dioxide (CO2) or other pollutants. A typical home PV system could save around 1 tonne of CO2 per year – that’s around 25 tonnes over its lifetime.
- Money for the electricity you generate: Under the FIT scheme you can be paid a Generation Tariff of 14.90p/kWh, which adds up to a payment of around £370 a year for the average household.
- Sell electricity back to the Grid: If your system is producing more electricity than you need, or when you can’t use it, you can sell it back to the Grid and make 4.64p/kWh, paying the average home £50 a year. Find out more about the Feed-in-Tariff here.
- A safe investment: The Government have guaranteed the Feed-In Tariff for 20 years and your tariff rate is fixed when you sign up. It is also index linked so that it retains its value
What to do next?
- What does the inverter do in a solar PV system?
- The PV panels generate direct current (DC), which is a different type of electricity to the 240V alternating current (AC) that is used in your property. The inverter converts the DC power to AC power so that it can be used in your house.
- How does the electricity I generate with solar PV get into my wall sockets?
- Your installer will connect the solar PV system to your fuse board (consumer unit). The electricity will automatically flow from there to wherever it is needed.
- Are there any grants available for installing solar PV panels?
- The Feed in Tariff is a payback scheme rather than a grant scheme, and has replaced most grants for solar PV systems however, grants may be available from your local council - please contact them for details. The Feed-In Tariff pays you for the electricity you generate using your PV system, as well as any excess electricity generated, which you can export back to the Grid.
- Are solar PV systems a lot cheaper now?
- The cost of the PV cells and associated equipment is driven by international supply and demand. Prices of these components have fallen substantially over the past few years as larger manufacturing facilities have been set up in response to strong demand particularly in Germany and Japan. Installation prices have in turn fallen as a result of the reduction in system prices and as the industry has grown. This drop in prices is set to continue.
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