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I used money sitting in the building society at 1.5% to pay for my solar panel installation. As well as increasing the value of my home, it is now paying me around 10% for the next 25 years and continuing to cut my electricity bills after that.
Not only does the generous feed-in tariff scheme pay for every unit of power generated, it also pays extra for any surplus feed back into the grid. As more people that take advantage of the scheme, the country can generate less electricity from fossil fuels.
The feed-in tariffs, unlike the building society interest, is tax free (good for higher rate payers in particular); it is guaranteed and index linked. The installation is guaranteed for 10 years and is fully maintenance free. I rather enjoy the readout on the AC/DC inverter which shows me how much power I’m generating, and I’m also acutely aware of the daily costs that I had before. It makes me think more about our use of electricity in the home, and how we can make the best use of our free solar energy.
Where is the catch?
None, as far as we can see it is a ‘no-brainer’an, and since feed-in tariffs will gradually decrease for newer installations, now is the time to take the plunge.
Even during the drab winter, the installation is generating power; and during these, long sunny, summer days, my wallet is enjoying the sunshine as much as I am.
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