Solar electricity
Savings
The amount of money you save will be dependent on the amount of electricity that you generate and how you use this electricity in the home. The feed-in tariff is a ‘premium tariff’ which means that generators will be paid the FIT rate (p/kWh) for their total generation but will be able to ‘sell’ any electricity they export back to the grid. The table provides examples of the savings that you could make by installing solar PV panels.
| Installed system size | 1kWp | 2kWp | 3kWp | 4kWp | |
|---|---|---|---|---|---|
| Annual Generation (kWh/a) | A | 910 | 1,801 | 2,667 | 3,412 |
| Electricity you have used (kWh)* | B | 364 | 720 | 1,067 | 1,365 |
| Electricity not used (kWh)* For this equation it is assumed 60% is used and 40% is not used and sold back to the utility company. |
C | 546 | 1,081 | 1,600 | 2,047 |
| Feed-in tariff scenario (FIT) | |||||
| Electricity Price you pay - pence per kWh This is the average price you currently pay the utility company per kWh in pence. |
D | 13 | 13 | 13 | 13 |
| Feed in Tariff - pence per kWh This is the government ‘buy back’ per kWh of total generated irrespective of actual use or kWh sold back to the Utility company. |
E | 41.3 | 41.3 | 41.3 | 41.3 |
| (FIT) Selling back price - pence This is the price per kWh (pence) the utility company will also pay you against your actual use. |
F | 3 | 3 | 3 | 3 |
| TOTAL SAVINGS & INCOME | |||||
| Electricity you have used (savings) | BxD | £47.32 | £93.60 | £138.71 | £177.45 |
| (FIT) ‘Selling back’ (utility company savings) | CxF | £16.38 | £32.43 | £48.00 | £61.41 |
| FIT Income | AxE | £375.83 | £743.81 | £1,101.47 | £1,409.16 |
| TOTAL INCOME PER ANNUM: | £439.53 | £869.84 | £1,288.18 | £1,648.02 | |
Example used is for a retrofit installation - new build tariff is 36.1 pence per kWh
