Investing in solar PV can help with rising energy prices and help to control overheads for years in advance, which can be a big advantage to industry in planning for the future. Companies are also eligible for tax free payments under the government’s Feed-in Tariff (FIT) scheme.
Introduced in the UK in April 2010, Feed-in Tariffs (FITs) allow companies with a renewable energy source under 5mw in capacity, to be paid for the electricity they generate. There are two types of payment; the generation tariff which pays a fixed amount based on the type and size of renewable energy installed, whether or not the electricity generated is used by your company, and the export tariff , allowing any unused electricity to be sold back to the National Grid.
FIT rates are set by date of installation and the index-linked payments are guaranteed for 20 years. The amount payable is designed to reduce every three months for new entrants so the sooner you join the scheme the greater the financial rewards. In fact, companies who do not take advantage of FIT payments may still be funding the scheme via taxes added to energy bills. The scheme is being managed for the government by Ofgem. Log on to www.ofgem.gov.uk/e-serve/RHI for more information.