The Government has now confirmed the cuts to the Solar Feed in Tariff payments and as expected the cuts are severe, seriously affecting the pay-back period for future installations.
The cuts will come into force earlier than expected, with the January FiT of 12.03p/kWh coming to an end on January 15th 2016. Systems installed after this date will be affected by the cuts which will see an average domestic installation receiving only 4.39p/kWh.
The new rates will actually come into force on 8th February 2016, with a four week ‘pause’ implemented between 15th January and 8TH February, systems installed during this four week period will not be eligible for the previous rates and will receive the new rates from 8th February onward.
Once the new tariffs are in place degression will continue to be applied as shown in the table below:
|2016 prices p/kWh||Q1 2016||Q2 2016||Q3 2016||Q4 2016||Q1 2017||Q2 2017||Q3 2017||Q4 2017||Q1 2018||Q2 2018||Q3 2018||Q4 2018||Q1 2019|
For home-owners who would like to take advantage of the current FiT rates, there is still time to get solar panels installed on your home, but it is running out. Call Princeenergy today to arrange a free, no obligation consultation 0345 600 7 800.