The government’s Feed in Tariff scheme (FIT) uses financial incentives to encourage owners to make their homes more energy efficient. People who install solar panels will receive 15 per cent annual return on their investment.
To be eligible for the scheme, homes must be rated level D or higher in energy efficiency, which includes 50 per cent of homes in Britain.
At present, owners who install solar panels receive 21p per kwh of energy generated from the solar panels, which means that the panels pay for themselves in less that ten years. This July however, the government is set to reduce the FIT rate to 13.6p. Peter Bladen, Managing Director of BSOLAR commented, ‘with good news tends to comes some bad; the government’s plans to reduce the FIT rate in July will make solar panels a less profitable