Eco-Living Magazine

Earn Money From Solar Power

Posted on the 12 July 2011 by Alison_wood @midnight_eden

Maybe you want to live a greener lifestyle? Maybe you want to make an investment? Maybe you want to take control of your life and be more self sufficient? Maybe you want all of the above?  Who wouldn’t?

Homeowners can now work towards this by installing solar panels on their roofs. This will work towards freeing them from the grid and will also give them payments for producing power. In a scheme run by the government, homeowners can produce electricity from solar PV panels and not only save money by using the power, but also get paid for it. With the cost of oil going up, never mind the ongoing risks to the environment, more and more people are looking to alternative means of electricity production and the FIT (Feed-in tariff) scheme seems like a viable alternative.

FIT Scheme, the facts:

  • There are two types of solar power: Solar Thermal which uses the suns heat to warm up water which can in turn be used as heating; and Solar PV which uses the suns light energy to directly produce electricity. This method of solar power production is supported by the FIT scheme.
  • There is an initial investment required for the solar PV installation. But it can add value to your home. You’ll also have to use MCS accredited solar PV installers for the FIT scheme to apply.
  • Electricity can still be produced on overcast days, just less efficiently.
  • The electricity produced cannot be stored, meaning that it either gets used or goes into the grid.
  • No electricity will be produced at night time, so you’ll still be using some from the grid, but your bill can be reduced by up to 50% if you’re efficient with your use of electricity.
  • You get paid a generous amount for each kWp of power you produce and get a bonus payment on top of that for each kWp you produce and don’t use.
  • The FIT scheme is guaranteed to pay out, exempt from TAX and in line with RPI for up to 25 years.

Don’t dilly dally!

If this is something you’re genuinely considering, be warned, the FIT scheme is to be reviewed in 2012 and it’s looking increasingly likely that the Government will be cutting funding to it. But if you’re on the scheme before then, they can’t touch you.

If you want to hear more about solar PV or the FIT scheme, speak to MCS accredited solar PV installers SDS.

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