As part of the government's feed-in-tariff scheme (also know as the Clean Energy Cashback Scheme), your electricity supplier pays you a premium for the solar electricity you generate. The amounts are payable over 20 years and increase with inflation. The annual rate of return on a solar electricity system can be as high as 13% (or more if you live on the south coast of England). The rates of return will only improve as electricity prices increase.
Safeguard against future price increases
The government has stated that the introduction of the Renewable Energy Strategy will make electricity prices increase by 10% to 13% by 2020. According to the government department OFGEM, demand for electricity will increase with a greater use of electric vehicles. OFGEM also warns that wholesale prices could spike as a result of global economies competing for energy resources. The historic price of electricity can be seen in the chart [source: Department of Energy and Climate Change].
Solar electricity systems are practically maintenance free, as there are no moving parts. Most panels are self cleaning, so the only thing you need to do is make sure trees don’t begin to overshadow them. The inverter is the most common component to require repair and may need replacing every 8-10 years. An inverter costs approximately 10% of the total system price. The panels typically offer a 25 year performance warranty and 10 year product warranty.
Feel good about lowering your carbon footprint
Be part of the solution to climate change and feel good about using the sun to create clean renewable energy.