This week we received a letter from MP Gregory Barker, with some information concerning solar and the Government’s plans for renewables. The letter remained positive with its backing of renewable technology and also commented on the fact that a 4kW system now costs £11,500 less than two years ago.
As it currently stands, installing solar panels at this price could pay for themselves within 8 years due to the Feed-in-Tariff (FiT) payments and the reduction in electricity bills. The FiT payments would be guaranteed for a further 12 years (20 years in total) and the savings on your electricity indefinitely, resulting in serious earnings by the homeowner.
With the FiT payments being indexed linked and set to rise with inflation each year, along with increased savings as energy prices rise year-upon-year, solar panels remain a smart investment.