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One-off grant payments have now been replaced by Green Energy Cashback payments which are paid quartley for a period of 20-25 years. These are actually far more attractive than the old grants and have resulted in a large increase in installations, especially for solar PV systems. Indeed the total payments will be well in excess of the cost of installing the solar system.
The Green Energy Cashback for PV systems is called the Feed in Tariff (FIT) which pays 43.3p per kilowatt hour of electricty generated, plus an extra 3.1p per kilowatt hours for electricty exported to the grid. This was introduced in April 2010 and all payments run for 25 years, are tax free and RPI index linked (it went up 4.8% on April 1st 2011).
The proposed Green Energy Cashback for solar thermal systems is the Renewable Heat Incentive (RHI) and is set to be 8.5p per kilowatt hour of solar thermal energy generated. This is set to come in from September 2011 and all payments run for 20 years, are tax free and index linked. There are also some premium payments of £300 for domestic solar systems.
For further information and details of FIT income please click HERE.
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