Posted on 10/06/10, filed under New Members | No Comments
Solar panels: a tax-free return of 10pc paA tax-free, index-linked return of 10 per cent a year, guaranteed for 25 years may sound too good to be true
But this is the level of return the Government claims you could receive by investing in a solar panel system for your home.Simon Lovering, Chairman of Worthing Business Circle and Director of Eco Innovations and Eagle Roofing, says ‘this is not as far fetched as it sounds. The Government are keen to see the Green Energy generation expand in the coming years, and this incentive will make many people think about it a little bit harder’
If you think installing solar panels is only for those committed to ecological issues, a new government scheme designed to increase uptake of renewable energy may make you think again.
The Department for Energy and Climate Change’s (DECC) Clean Energy Cashback Scheme is offering big financial incentives to anyone installing solar panels in a bid to make doing so stack up as an investment to even committed climate-sceptics.
The cashback scheme, also known as the Feed-in tariff, has been going since April. Grants for solar panels have been abolished and replaced with a system where people who install them are rewarded for every unit of energy generated by their system. Energy companies are also required by law to buy back any excess they generate.
To qualify for the scheme you have to install solar photovoltaic panels, known as solar PV.
This type of panel generates electricity from sunlight. The scheme currently does not cover the other main type of solar panel, solar thermal, which warms the water in your boiler system, although the DECC aims to bring thermal systems on board from April 2011, albeit with lower cash rebates.
Wind-generated electricity is now covered under the scheme, however.
The scheme promises to reward investors in three ways. Firstly, you are paid the “generation tariff”, which is a direct payment from your energy supplier for each unit of electricity you generate.
This starts at 41.3p per kilowatt/hour (kWh), and is fixed by statute to increase in line with the retail price index for the next 25 years. The second saving is under the “export tariff”, which is a payment made for energy you export back into the electricity grid rather than use on site.
This pays an extra 3p per kWh. Finally, you also make savings on your electricity bills, now saving you about 13p per kWh.
“The biggest financial savings through solar go to those who use all or most of the electricity they generate. This means the retired or those who work from home get the best return on investment because they get the saving on their electricity bill as well as the feed-in payment,”
To see the article in full, click here.
Call Eco Innovations on 0845 362 8503 to find out more.
Posted on 11/05/10, filed under New Members | No Comments
Simon Lovering from Eagle Roofing explains why you should look at Solar Power on your roof.
Simon Lovering from Eagle Roofing has teamed up with local Worthing company, Eco Innovations,to bring renewable energy products to home owners and business in the South of England, starting around Worthing. Here are some thoughts on the subject.
Harnessing the energy of the sun, wind and heat stored in the ground - and either offsetting the cost of your electricity, or selling surplus back to the grid - is something that homeowners in the UK have been considering for a number of years now. On paper it certainly seems an attractive prospect, considering that, at current prices, a homeowner can recover the original investment in solar panels (for instance) after 12 years, thus paving the way for free energy. However, whether this market will have broad appeal, or if it will it remain a niche investment, has remained in the balance - until now.
Despite all the hype surrounding photovoltaics (electricity generated by the sun), solar thermal (water heated by the sun), ground source heat pumps, and wind turbines, investment by UK homeowners in alternative forms of energy production appear to have been limited to the conscientious few. However, I believe that is set to change, and I can point to evidence from Germany to support this.
German invasion
In a single year, German homeowners placed more than 25,000 enquiries through the free lead service offered by Quotatis’s German sister company. The leads were specifically for photovoltaics and heat pumps (which recycle wasted heat from heating and hot water systems).
This phenomenal interest in photovoltaics was driven in a large part by feed-in tariffs (Fits) - which are backed by government legislation. From April 1st this year, British homeowners can benefit from a similar scheme in the UK, which will encourage them to generate their own electricity and profit from it. It also offers home improvement companies the opportunity to sell into a brand new burgeoning market.
For the first time, Fits have been written into law, which means that energy companies are obliged to pay homeowners 41.3p per kilowatt hour (kWh) for the electricity they produce, even if they use it all themselves. This generation tariff is fixed payment which is guaranteed for between 20 and 25 years.
There is then an export tariff which guarantees a minimum payment of 3p per kilowatt hour for any unused energy that is produced, which the electricity supplier is obliged to buy back from the householder. Meanwhile, the homeowner is also benefiting from free electricity.
Photovoltaic (PV) panels will cost an average of £12,500 on the average home. This is offset by a subsidy that can bring a return of around £900 per annum, plus around £140/£150 savings in the electricity consumption for the home. This equates to a payback period of as little as 12 years, after which the homeowner is quids in.
This presents a wonderful opportunity. Companies which invest now in installing alternative energy supplies will benefit as the market picks up in the UK. Seeing how the market exploded in Germany when Fits were introduced there, we know that homeowners are already looking at alternative forms of energy supply to help cut bills.
For more information, call Eco Innovations on 0845 362 8503
Posted on 28/04/10, filed under New Members | No Comments
Simon Lovering from Eagle Roofing has teamed up again with Essentially Worthing, to enter an editorial piece in the May edition of the popular magazine.
Eagle Roofing have placed informative items in the Experts section of Essentially Worthing over recent years, offering no nonsense advice to home owners on maintaining their property.
Simon Lovering has recently launched a new company, in partnership with Ashley Martin of AM Electrical Ltd called Eco Innovations.
Eco Innovations has been set up to provide a one-stop shop for problem-free renewable energy solutions, such as Solar energy. They directly serve building owners ranging from private homes to local authorities as well as the main contractors.
Have a look at the article in the May edition of Essentially Worthing, or call Eco Innovations on 0845 3628503 for more information.