What is Payback?
The FIT will pay 43.3 p per kWh (for retrofit onto existing properties) generated whether you use it or not. Your electricity supplier will pay for any units exported, so energy generated while you are on holiday will still be used and be paid for , and of course, you don't have to pay your electricity company anything for energy that you generate and you use.(The REA estimates that the proposals published today will mean for example that a 2kW (p) PV (solar electricity) system will generate £702 income per annum. The system will further avoid importing grid electricity leading to total savings of £831 per annum. After the payback period owners of renewable systems are likely to enjoy substantial savings on their energy bills and income for a further 5 to 10 years with ongoing savings after this period).
Treating this as an investment, the return, which is tax free will be above 7%.
This will also add real value to your house in that it not only has a lower electricity running cost but can make money for the new owner.
Finance
Solar PV is not cheap, lets face it not everyone has the average cost of £10,000 for a typical domestic solar PV installation or the Hundreds of thousands for a large Commercial installation. But we at Think Solar PV can arrange finance to fund each project, please ask the technician who comes to see you about your installation about our finance options.