Making Power Work For You
When making any decision in todays economic climate is more important than ever to take cost-effectiveness into account. With the price of oil at an all time high and electricity bills escalating at a startling rate, this becomes particularly true when considering what type of energy to use. In many cases conventional forms of energy are just no longer viable as outgoings soar in the face of these global problems which, experts predict, are only set to get worse. Ofgem, for example, have recently released figures stating that they expect a 20% rise in the price of electricity by 2020. There is however, a way to cut energy costs and even begin to profit through the use of solar power.
As well as saving money on outgoing bills, solar energy can actually act as a money generator for you or your business through Feed in Tariff schemes. Through the use of these micro generation systems, you could actually be paid for each excess kilowatt hour you produce as electricity is sold back to the grid, meaning you should get a return on your investment after just eight years and a substantial tax-free income after that.
The UK government has also recently unleashed an initiative aimed at encouraging people to convert in order to significantly reduce the UK’s carbon emissions. Under the Energy Act 2011, the government has unveiled plans to cover the cost of installation through new loan schemes. The schemes will not affect credit ratings in any way and will mean that there will be no upfront lump sum to be paid. Under this scheme, you can start benefiting from the savings solar panels can bring, without having to worry about financing the project yourself. You should be aware however, that under this scheme you will not be eligible to sell your electricity under the Feed in Tariff scheme until the loan has been paid off, and so, if you can afford to fund the project yourself, it may be beneficial to do so in order to ensure a speedier return on your investment.