Following the announcement by the government of the severe cuts intended for the Solar PV Feed in Tariff, the industry has been fighting back.
The sheer volume of responses to the proposed cuts have meant the DECC (Department for Energy and Climate Change) haven’t been able to make any further announcements as they are still working through the responses received.
Previous speculation was that a decision would be announced on 7th December, however that date has passed and the next date an announcement could be made is 5th January, this would mean the earliest any proposed cuts could be in place would be 23rd February.
This is great news for homeowners who would still like to install solar panels and take advantage of the current FiT rates (12.03p per kWh from 1st January) before the expected cuts come into force. In monetary terms the cuts could mean the estimated income and saving of £750 per year on an average domestic installation would be cut to approx. £379 per year, a difference of over £7,000 through the FiT payment period of 20 years.
Despite the delay on making a decision the industry is still expecting severe cuts to the FiT tariff to be announced and Princeenergy already have plans in place for the shift in business once the cuts come into place.
However, until the cuts are confirmed our advice if you are considering solar panels, is to get them installed sooner rather than later as the current FiT Tariffs are unlikely to be here to stay.