Ofgem, the Office of the Gas and Electricity Markets, confirmed last Friday what will be the new Feed-in Tariffs from November 2012. According to the Government promise to reduce the tariffs 3.5% every three months when the last Feed-in Tariffs started in August 2012, the new Feed-in Tariffs starting November 2012 will be as follows:
|Description||FiT rate p/kWh|
This becomes the first cut of the tri-monthly degression model announced by the Government this summer. From now on, the tariffs are expected to keep on being reduced by 3.5% every three months. Although Feed-in Tariffs have always been an important incentive, the main purpose of this scheme is that at the same time solar panel prices drop down and become more efficient, solar energy systems become more and more affordable and effective for homeowners. Hence, in a near future, Feed-in Tariffs won’t be needed as savings on electricity bills will be bigger, and people will be more interested in installing solar panels in order to have a more self and energy-efficient house.
When launching the new scheme, Greg Barker, the Energy and Climate Change Minister, said: “I want to send a very clear message today. UK solar continues to be an attractive proposition for many consumers considering microgeneration technologies and that having placed the subsidy support for this technology on a long-term, sustainable footing; industry can plan for growth with confidence.”