If the thought of helping save the planet isn’t enough to motivate you to install a solar PV system on your property, the lure of lower energy prices may be enough to do the trick. When you choose to supplement your electricity usage with solar panels, you can save a hefty amount on your monthly electricity bill – and there’s even a good possibility that you’ll generate enough electricity to sell some back to the electric company and make a little money on the side.
How You Save with Solar Panels
A solar PV installation can save you money in several different ways, thanks to the feed in tariff scheme started by the Department of Energy and Climate Change. The scheme provides subsidies for every kilowatt hour of electricity that your solar panels generate, and an additional payment for each kilowatt hour that your system sends to the electrical grid.
In order to take full advantage of the FITS, your system needs to be a grid-connected solar system – which is, in most cases, the best option for most UK homeowners. With a grid-connected system, your home remains connected to the traditional electric grid. When you use electricity in your home, you’ll draw first from the energy generated by your solar panels. If your electricity use exceeds the amount of power generated by your solar system, you’ll draw it from the traditional grid. If the electricity generated by your solar PV system exceeds the amount of electricity you use in your home, the excess is fed into the grid and distributed to other users.
A meter installed in your home will measure your electricity use and generation. For each kilowatt hour your solar panels generate – whether you use it or feed it to the grid – you’ll receive the feed-in tariff from your electricity supplier. For each kilowatt hour of electricity you send back to the grid, you’ll receive the base tariff plus an additional tariff of a few pence. As of November 2011, the amounts of the tariffs are 43.3p for the base, and an additional 3p for the excess.
The tariff you receive is an addition to the savings you’ll realize by reducing the amount of electricity you have to buy from your electrical supplier. If, for example, you’re currently paying about 15p per kWh for your electricity, for each kWh your solar panels generate and you use, you’ll save the 15p, and receive an additional 43.3p – a total of 58.3p off on your electric bill for the electricity you use in your own home.
Of course, the amount of money you’ll actually save depends upon the amount of electricity you use and the amount of electricity generated by your solar panels. A local solar company can give you a better idea of how much electricity you can expect your solar PV installation to produce.
No comments:
Post a Comment