Homeowners should prepare for reductions in Feed in Tariff (FiT) rates for all solar PV systems up to 50kW in the first few months of 2015, says renewables supplier IBD Distribution.
The company is encouraging those considering this renewable technology to invest now, ahead of the 3.5% reduction on 1 January and, with installations in the fourth quarter of 2014 expected to exceed the 100MWp threshold, a possible further 3.5% reduction on 1 April.
This may see the standard rate for systems up to 4kW reduced down from 14.38p down to 13.38p/kWh by April.
Darren Johnson, technical director of IBD said:
“This disappointing news should encourage homeowners to consider new solar PV installations as soon as possible,”
The FiT scheme, introduced in 2010, sees consumers who have renewable, electricity-generating technology such as Solar PV installed, receive money back from their energy supplier. They can be paid for the electricity they generate, even if they use it themselves, and for any surplus electricity exported to the grid, as well as saving money on electricity bills.