If you’re thinking of investing in solar energy for your home and taking advantage of the government-backed funding for solar panel installation, you will have to think quickly.
Unfortunately as of April 2019, government-backed funding will no longer be an option for domestic solar panel installation. After several changes to the tariff over the years since it’s introduction, the UK government is due to cut this kind of solar funding. Making any decision around installing domestic solar panels more pressing. Being fully aware of what funding is on offer is key so you can take advantage of it now before it disappears.
What solar funding will be available until April 2019?
The UK government first introduced the Feed In Tariff scheme in 2010. It was designed to assist people in solar panel installation and make it more attractive financially. The scheme was also designed to make people more aware of the real possibility of using solar panels for homes and the benefits it can bring. The scheme was only ever introduced on a temporary basis, scheduled to end in April 2019 as originally planned. After that date, the funding will not be available to take up and the leaving the cost of solar installation up to you the home owner.
What is the Feed In Tariff scheme and how does it works?
The Feed In Tariff offers a guaranteed index-linked return each year for a period of 20 years when installing domestic solar panels. This means that you are not only getting a clean source of energy to use in your home but also benefiting massively in a financial sense. In a standard example, the cost of installation would usually be more than covered by the amount of Feed In Tariff payments you would receive by the end of the set payment period.
For more information on the Feed In Tariffs you can visit the gov.uk website.
gov.uk – Feed-in tariffs: get money for generating your own electricity
Thinking of solar panel installation then now is the time to do it!
If you act now, before the solar funding is cut in April 2019, then you still have the chance to join the Feed In Tariff scheme. If you leave it until afterwards then you will not be able to reap the benefits that this scheme brings. For many homeowners, this scheme is what could make it financially viable to install solar panels for home use – once it has gone, then you may not find it as feasible to do so.
Now is the time to invest in solar energy!