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Location :: Press Releases » PR » Solar PV Panels Online Assess FIT Reduction's Effect on Solar PV Business

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Solar PV Panels Online Assess FIT Reduction's Effect on Solar PV Business

posted on: December 2nd, 2011
Solar PV Panels Online, a network of solar panel suppliers and installers in the UK, comment on the recent announcement that the feed-in-tariff (FIT) is scheduled to be reduced.
As of December 12th, FIT is due to be cut from 43p per kilowatt hour to 21p/kWh. This cut will come into force before the consultation period on the change is over, and has therefore ultimately left solar panel manufacturers and installers with the task of altering and aligning their business models to ensure investing in solar PV is still a worthwhile investment.

Solar PV Panels Online highlights that consumers can still make considerable savings by using solar energy, despite the FIT reduction. Solar panel systems offer approximately a 50% reduction in electricity bills in addition to potentially saving over a tonne of CO2 annually. In line with the FIT reduction, for every watt of energy produced by the solar panels, the energy company will pay 21p to the owner. For every watt produced but not used, an additional 3.1p will be paid.

A spokesperson for Solar PV Panels Online commented: “Whilst the FIT reduction is undoubtedly disappointing for companies such as us and consumers alike, there are still numerous benefits to reap from installing solar panels in your home. The environmental benefits have not changed at all and consumers can still significantly reduce their energy bills by using solar panels.

“We hope that the British public will continue to take advantage of these benefits in spite of the FIT reduction and consider contacting the largest vetted network of MCS approved installers.”