News that the deadline for the Government’s Feed in Tariff (FiT) scheme has been extended so that householders wishing to make the switch to solar can benefit, has pleased one Leicester entrepreneur. Peter Searancke, managing director of the award-winning Intelligent Energy Solutions (IES), has welcomed the change and advises consumers now is the time to make the most of the scheme.
The Department of Energy and Climate Change’s (DECC) original deadline was 12th December 2011, but last week it was confirmed that any installations completed and submitted after the 2nd March 2012 will be subject to the reduced FiT of 21p per kWh. There is a possibility that installations completed between these two dates will receive the original 43.3p per kWh but until the result of the Government’s Supreme Court appeal is announced, the rate that is officially available is 21p per kWh.
“Whilst the reduction was not as severe as many in the industry had predicted, still providing a return on investment of up to 10%, the extension to the FiT deadline is extremely good news for homeowners looking to add a PV system to their property in the next four weeks,” said Searancke. “The initial reduction deadline prompted a huge surge in orders and we are already experiencing a similar ‘rush’ as consumers look to secure a premium price for their electricity.
“The Government intends to appeal again, this time to the Supreme Court, and this could take a year to be heard. This leaves some uncertainty over the exact payment levels for installations completed between the two dates, however, the extension will hopefully go some way towards restoring confidence within the industry.” Peter concluded.
