Early in January the Government announced the final details of the new feed-in tariff, effective from April 2010 for microgeneration of power from systems like Solar PV. The new tariff will pay for all energy generated by your system, irrespective if you use it yourself or sell it back to the grid. The amounts paid are in addition to any saving you will make by purchasing less electricity from your supplier and any income you earn from selling your surplus power to your electricity supplier.
The rates that have been announced are significant, and for Solar PV will return around 8% on your investment.
The feed-in tariff will be set at 41.3p/kWh (41.3p per unit) for a typical domestic scale solar PV installation. These rates will be index linked to inflation over the life of the scheme, for up to 25 years. It is confirmed that there will be no income tax for home owners on revenue from the feed-in tariffs (FITs for short), providing the electricity generated is used mainly by your own property.
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