Although this has no impact on those already on the scheme who will continue to receive payments until the 20 years have passed, it will mean payback time scales for new installations will be longer.
There is a huge amount of uncertainty around what initiatives will support new solar PV installations once the FiTs expire next year. All that we do know for certain is that the Government stated in November last year that it will not provide further financial support to renewables until 2025.
With so much uncertainty, if you are considering installing solar PV, the only sensible advice is to install it before March to take advantage of the FiTs.
The Government consultation on what will follow the FiTs was due 18 months ago but has only recently materialised in the form of an announcement that the Export Tariff will also disappear in March 2019. This in spite of the fact that everyone from the Committee on Climate Change to the National Infrastructure Commission has emphasised how renewables, such as solar, are our best bet for cheap, green energy.
There are a range of possible replacements, all hypothetical at present, which include tax support for renewable energy installations, interest-free or heavily subsidised loans or simply maintaining an export tariff to pay people for electricity they export to the grid. However, none of these have been supported by the Government. In contrast, if you get your solar PV installed by the end of March, we know that you can register for the FiTs which will provide guaranteed income until 2039.
To find out more contact Calum at isoenergy on 01293 821 345 or use our ‘Contact Us’ page on our website.