If you weren’t one of the households that took advantage of the Feed in Tariff back in April 2010, then you may think it is too late to get help with installing solar panels in your home.
Fortunately, this is not the case.
Although, the Feed in Tariff did come to an end in March 2019, there are several other schemes that can help you recoup the cost of installing solar panels on your property.
However, let’s first take a look at what exactly the Feed in Tariff involved, why it abruptly came to an end and what the new solar grid trade incentive is.
What was the Feed in Tariff?
The Feed in Tariff was introduced by the government in 2010 with the aim of encouraging homeowners across the country to embrace renewable energy sources. The scheme offered cash payments to households that produced their own energy using renewable technologies such as solar PV panels and wind turbines.
The scheme was hugely successful and created a boom in the UK solar industry. An estimated 750,000 homes had solar photovoltaic panels installed on their property, with the vast majority helped by the Feed in Tariff.
Why Did the Feed in Tariff End?
Sadly, the Feed in Tariff came to an end in 2019 because the scheme was much more popular than the government predicted: 730,000 installations had taken place by 2015. This led to a strain on the scheme’s budget and was further exacerbated by funding cuts of around 65% due to the falling price of installing solar panels.
A combination of all of these factors meant that the scheme was no longer viable, leading many homeowners to give up their dreams of becoming more self-sufficient in regard to their home’s energy.
Are There Any Replacement Solar Panel Incentives for the Feed in Tariff?
Fortunately, you do have a few other options when it comes to getting help towards the cost of installing solar panels on your property.
The Grid Trade Incentive
If you are fed up with feeling powerless when it comes to your energy bills and would like a way to become less reliant on the national grid, then you may be interested in taking advantage of the Grid Trade Incentive.
Unlike the Smart Export Scheme that was launched in January 2020 to replace the Feed in Tariff, the Grid Trade Incentive revolves around a fair system that allows you to trade any surplus energy that your solar panels have generated with other households that are currently reliant on the grid.
The popular and highly effective Feed in Tariff was regulated by the UK government, meaning that it aimed to be fair and actually help households across the country, much like the Grid Trade Incentive.
However, the Smart Export Scheme is solely in the hands of the energy suppliers as they are the ones that set the tariffs that you receive for your excess energy. Furthermore, most of these contracts are short term, meaning you have no guarantee for the future.
With the Grid Trade Incentive, you have the opportunity to:
- Save up to 70% on your annual electricity bill
- Dramatically reduce your reliance on the national grid
- Increase the value of your home
- Install the latest solar panel and battery technology
If you want to find out whether your home is eligible for the Grid Trade Incentive in 2020, check out their website for more information.
