The Department of Energy and Climate Change (DECC) is proposing to cut the feed-in tariff rates (FiTs) for solar PV installations by as much as 87%. Publishing the outcome of the long-awaited feed-in tariff review, the government is proposing deep cuts to all bands from 1 January 2016.
Subsidies available to small UK businesses that install their own renewable energy generation equipment could be withdrawn from January 2016 if the scheme becomes “unaffordable”, the government has said.
Businesses wishing to beat the cut would have until the end of this year to install the energy generators.
Payments from the tariff could even be closed off to new applicants altogether in January, if the changes are not deemed to save enough money for the Government.
FiTs provide long-term financial incentives to businesses that generate their own electricity from renewable sources. Once accredited under the scheme, installers are eligible for guaranteed ‘generation’ payments for the power that they generate and ‘export’ payments for additional power that they send to the grid over the life of the generation equipment, subject to a statutory maximum.
The consultation, which closes on 23 October, proposes reducing the FiTs for generation significantly; Projects between 10kW and 50kW would receive 3.69p/kWh, down from 11.3p/kWh; while the rate for larger installations between 50kW and 250kW would fall to 2.64p/kWh.
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Businesses wishing to ‘beat the cut’ should contact one of our expert advisers today!