Not only will we not pay for any electricity, we should get a rebate of about £50 once a payment from the so-called renewables obligation (RO) scheme, which rewards microgeneration schemes with cash, is included."
This at rates which could see the initial sum repaid within about 15 years -depending on electricity prices. Of course this was a subsidised initial outlay. So as the writer says,
I received a 50% grant for the system from the government's low-carbon buildings programme - the total cost of buying and installing the panels was £17,000. Unfortunately, the government is so pathetic at supporting low-carbon technologies that it last year cut the maximum grant to £2,500 because the scheme was so popular. As a result, demand has collapsed to the extent that the small company that fitted my system has gone out of business.And there is a really interesting reflection on use of electricity, which at first seems counter-intuitive, but as I think about my reactions I think this might be true for many.
That means your return on a system purchased now will be lower - little more than 3% for one like mine this year, rising to close on 4% when the RO payments increase next year. Still, 4% that is not taxable is comparable to a building society account that you do pay tax on.
You might think generating your own power would make you relaxed about leaving lights on or the TV on standby. But the contrary is true. It has woken us all up to the realities of energy use. The computer, TV, lights, everything, we now turn off at the wall when they are not in use. We have some of those remote control switches to turn off wall sockets that are hard to get to. In future when we go on holiday, we will empty the fridge and freezer and switch them off. The challenge now is to raise that 92% figure to 100%.
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