Despite the latest cuts to the Feed in Tariff (FIT), a Cornwall-based energy efficiency specialist is insisting that solar power remains a wise investment.
Enact Energy believes property owners interested in the advantages of Solar PV, both from an income generation and energy saving perspective, will continue to see the benefits that it offers, given the minimal reduction in the Government’s FIT rate.
Enact says that the small drop of 3.5% from 16p per kWh to 15.44p per kWh (for systems up to 4kWp) when offset against the current lower solar prices, the higher export tariff rate of 4.5p and continually rising electricity costs, will have little negative impact in the benefits gained from investing in Solar PV.
Enact chairman Adrian Wright commented: “Given the very marginal scale in the reduction of the Feed-in Tariff rates and the recent and well publicised hike in electricity prices, combined with the now established higher export tariff – the reality is that a Solar PV system still makes a very healthy investment opportunity and consumers who are really interested in the benefits of solar will continue to see this.
“We are still looking at a return on investment of over 15% – which is really very good indeed in the current market – the opportunity to make a property more energy efficient, and the ability to off-set the almost annual rising electricity prices – which show no real sign of being cut back – far from it based on recent announcements.”