More boom and bust for the solar panel industry
Last updated on June 5th, 2017 at 08:03 pm
“A fresh view of the solar panel industry. Bank holiday chaos will once again mark the advent of the British summer time. The sun is shining, and our overcrowded island and roads, will once again; fill up with expectant and fun savvy families.”
The same can also be said for the next round of energy savvy families wishing to install PV solar panels to their home. The current feed in tariff rate will continue right through the summer months, and people will flock in their thousands, to be one of the lucky ones who receive the higher rate of tariff at 15.44 pence per kWh.
Just like the legendary queues at the bank holiday destinations, people see another repeat of the December chaos when the feed in tariff was originally reduced.
The disappointment felt by thousands of people who didn’t manage to get a solar installation completed before the cut off date, was sizeable, and it now looks as though history will be once again repeating.
The current feed in tariff rate will be reduced, but this is good news for home and business owners, who is thinking about adopting solar panel technology.
Good news? Yes, because the reason the feed in tariff must be reduced, is because of the fast falling costs of an average solar panel installation. Your installation today will cost around 40% cheaper than the original up takers of the feed in tariff scheme, in 2010. Now, that’s good news for everyone.
The reduction rate in tariff payments is equal to fall in costs of an installation, which from the public’s perspective is wonderful. Less outlay from the start.
The next feed in tariff rate will be 15.44 pence per kWh generated. Despite the lower amount, this tariff rate is expected to give a respectable 6% return on investment when introduced.
So here we are again, some lucky people will receive the higher 15.44 pence incentive, if installed before August, rather than coming 15.44 pence. An inevitable boom and bust period to come, so if you are thinking about installing solar panels, then don’t hesitate any longer.
Get a quote and begin your passion for solar panels, sooner rather than later.
As solar panels become a more important and widespread way of reducing homes and commercial energy costs, you would surely regret not being a pioneer adopter with this window of opportunity.
A solar panels forecast
For those that think solar technology is a fad, please think again. Currently, solar panels represent the only easy to implement a way of substantially reducing energy costs after basic insulation measures.
If you need more persuasion that now is the best time to install, than the current trend of falling technology costs, which are unlikely to last indefinitely, because the rare Earth metals involved in the manufacture of these systems are becoming harder to source (like oil itself).
China currently has a monopoly on the current, rare Earth supply chain. Unless any new panel, manufacturing breakthroughs happens soon, then the current price reductions are unlikely to continue long-term.
The UK government needs to be careful it doesn’t trade a reliance on imported oil for a reliance on Chinese manufactured solar panels.
The window of opportunity, which the tariff, alongside the low cost of the technology/installation has presented itself, will close forever.
Another bank holiday getaway is as predictable as the rain which usually engulfs it, so too is the coming rush for solar technology, as yet again, a deadline is set.
"Feel the pride."Stuart Lovatt May 31, 2012
Founder of Heat My Home.