Solar PV Feed in tariffs for the UK (FIT’s) were introduced in order to provide financial incentives to the population to boost the change to use more renewable energy in the UK. However, it’s a measure that has a defined life span and is not a permanent incentive.
Although once you have installed your renewable energy source, have registered it and have started receiving payments from the FIT’s, you will be eligible to continue to receive FIT’s payments from the date of registration.
There is strong evidence to suggest that there will continue to be reductions in the tariff for new installations based on regular government reviews of the Feed in tariff rates. It makes financial sense to install solar panels right now, so that you can benefit from the tax free income from the FIT’s before it gets reduced.
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Fitting Solar Panels for your property is clearly still one of the best investments a UK property owner can make, with guaranteed, inflation linked, tax free income.
The amount of income for the feed in tariff is dependent on a few factors and is variable, (see guide below) but is currently guaranteed for up to 20 years. The income is distributed to the consumer starting from the date that the MCS certified solar panel installation system is commissioned (switched on) & registered on your utility providers’ data base.
Integrated into the solar panel installation will be a new power generation meter which measures actual power output. This generation meter is the one that your utility company will read & use to calculate your tariff payment.
This amount is index linked to the UK annual inflation rate so your tariff income will keep pace with the cost of living.