Archive for 'Finance'

Apr 11

PV FIT have been invited to run a 30 minute Q&A session on “Generating electricity and an income from the sun – Solar PV” at the Cheshire Greener Futures Show at Reaseheath College on Friday 15th April.

David Houston, MD at Chester based PV FIT says:

“We are really pleased to have been invited to speak at the Cheshire Greener Futures event. Feed-in Tariffs, plus the rising cost and instability within the oil market, have created a growing business case for the installation and use of on-site renewable energy generation. Our aim is to demonstrate how simple solar PV is to install, plus the very attractive returns which can be realised through installing solar PV on your home or business”.

This free event  is to be run over 2 days:

Friday 15th April is aimed at businesses presenting the opportunity and benefits to installing low carbon technologies in a commercial environment. Preregistration is required for this event.

Saturday 16th April focuses on the technologies that domestic consumers can install in their homes as well as incorporate into community projects.

It would be great to see you there so for information on how to register and where to find Reaseheath College download the event leaflet.

Apr 04

DECC says it is in “listening mode” as evidence suggests virtually all mid-sized solar projects will be ditched if incentive cuts go through

The chilling effect of the coalition’s proposed cuts to feed-in tariff incentives on planned solar projects with 50kW capacity was hammered home

PV FIT Sydenham Rd Croydon

PV FIT Sydenham Rd Croydon

last week with the release of new data suggesting that virtually no mid-sized installations will go ahead if the incentives are slashed as planned.

“We’ve all had our rant about the cuts, now we need to help ministers with the evidence they need to make decisions,” Dave Sowden, chief executive of the Micropower Council, told BusinessGreen. “It is still a bun-fight, but it is turning into an evidence-based bun-fight.”

One developer undertook to provide a detailed analysis of the rates of return available to firms at different locations and under the current and proposed tariff regimes.

The analysis found that, with the current tariffs, firms deploying the projects could expect to receive rates of return before tax ranging from 7.1 per cent for a 100kW installation in Edinburgh to 11 per cent for a 500kW array in Plymouth.

In contrast, once the tariff proposed in the government’s consultation is applied, none of the projects attains the five per cent rate of return DECC has said in its impact assessment that it wants to achieve. The best rate of return is 4.7 per cent for a 100kW array in Plymouth, while all other projects would deliver returns of between 3.8 and -1.2 per cent.

For full story see BusinessGreen

Mar 03

Ofgem have published the RPI adjusted FITs tariffs for the period 1/4/11 to 31/3/12.

All tariffs, including the export tariff as well as the generation tariff, have been increased by 4.8% in line with the RPI change over the period 1/1/10 to 31/12/10.

As well as those who install in year 2 of the FITs (i.e. after 1st April 2011) getting the new tariff levels, everyone who installed in year 1 will get the increased tariffs from 1/4/11.

The table of new tariffs for all eligible renewable technologies is available from the Ofgem website.

We have provided the example below to show how much extra will you earn from your PV investment:

Dave Houston, MD of Chester based nationwide solar installers PV FIT, commented; “Today’s announcement on the RPI adjustment comes as welcome news for our customers amid growing concerns of the Governement’s comprehensive review of subsidy levels offered by the feed in tariff scheme”.

“We hope that the increased tariff rate will stimulate those who haven’t yet taken the plunge to now proceed with a solar photovoltaic installation before any potential cuts to tariff rates come into effect on 1st March 2012″.

If you are considering installing solar PV it has never been simpler – call us today on 0844 567 9032 or request a solar survey online.

Feb 07

Energy Secretary Chris Huhne has today launched a comprehensive review of the Feed in Tariffs (FITs) scheme following growing evidence that large scale solar farms could soak up money intended to help homes, communities and small businesses generate their own electricity.

Chris Huhne said:

“The renewables industry is a vital piece in the green growth jigsaw and this review will provide long term certainty while making sure homes, communities and small firms are encouraged to produce their own green electricity.

“Large scale solar installations weren’t anticipated under the FITs scheme we inherited and I’m concerned this could mean that money meant for people who want to produce their own green electricity has the potential to be directed towards large scale commercial solar projects.”

The comprehensive FITs review will:

  • Assess all aspects of the scheme including tariff levels, administration and eligibility of technologies;
  • Be completed by the end of the year, with tariffs remaining unchanged until April 2012 (unless the review reveals a need for greater urgency);
  • Fast track consideration of large scale solar projects (over 50kW) with a view to making any resulting changes to tariffs as soon as practical, subject to consultation and Parliamentary scrutiny as required by the Energy Act 2008.

The Government will not act retrospectively and any changes to generation tariffs implemented as a result of the review will only affect new entrants into the FITs scheme. Installations which are already accredited for FITs at the time will not be affected.

David Houston, Managing Director of nationwide solar energy installers PV FIT Ltd, responded to todays announcement:

“The looming threat of a large number of Megawatt scale solar farm projects threatened to trigger an early review of feed in tariff levels. It would be a tragedy if a small number of large scale projects, absorbing huge chunks from the FIT pot, meant that home and business owners new to the scheme were hit with lower tariff levels which could threaten future take up of renewables”.

“The FIT scheme was designed to reduce energy consumption and improve energy security in buildings, not fields or line pockets of a small number of investors. Saying this we do believe there is a place for larger scale solar installations if feeding industrial/commercial premises with high energy consumption. We sincerely hope the Government use this as an opportunity to improve the scheme, rather than an excuse to reduce tariff levels for those new to the scheme before April 2012″.

If you were considering a solar PV installation now is probably the best time to seriously consider proceeding with an installation. PV FIT offer free solar survey over the phone, usually taking less than 20 minutes, and will send you a fixed priced quotation same day. Call us today on 0844 567 9032.

Source: DECC Press Notice: HUHNE TAKES ACTION ON SOLAR FARM THREAT

Jan 20

According to a report published by Ofgem on 17th January 2011, the average household supplied by the “big six” energy suppliers consumes 3,300 kWh of electricity and 16,500 kWh for gas.

Ofgem also explain how these costs are made up and to what level, for example “wholesale energy, supply costs and profit margin” account for 63% of electricity bills with the rest made up of distribution/transmission charges, 5% VAT, environmental costs and meter provision – read the full Ofgem report.

In money terms this means the average gas bill for a standard direct debit account is £608. For electricity it is £424, making a combined energy bill of £1032 per year.

One way to reduce your reliance on energy bought from the grid is to install a solar photovoltaic (PV) system onto your home or business. “The main incentive for going solar is the introduction of Feed-in Tariffs (FITs), where you are paid an above market rate for the energy that your PV system generates” says David Houston, Managing Director of Chester based MCS solar installers PV FIT Ltd. “A typical PV FIT householder can benefit from a tax free income in excess of £1000+ per year, which will rise with inflation and is Government guaranteed for 25 years”.

An average solar pv system consists of 16 panels with a peak output of 2.96kWp. Here’s how installing solar panels can reduce your energy costs:
  • A 2.96kW pv system installed on a South facing unshaded pitched roof at 30 degrees
  • It will deliver approx. 2162 kWh per year (according to SAP 2009)
  • You will qualify for the top rate of fit at 41.3p/kWh = 2162 x 41.3 = £892.90 FIT income
  • You will use on average 50%, in this case 1081 kWh, of the solar energy you generate in your home. This will save you paying for electricity from the grid, which if you currently pay 14p/kWh will save you £151.34
  • You then sell the surplus energy back to your energy supplier who will pay you 3p/kWh, generating an additional income of £32.43
  • Combined annual income and savings amount to £1076.67, equivalent to 96% of the average household energy bill.

The whole solar installation will cost £11,299 (incl VAT), meaning you can see your money back in *10.5 years, and an additional 14.5 years of profit!

Getting a quote from PV FIT couldn’t be easier…

1. Call us or fill in our solar survey form

2. We will complete a 20 minute survey over the phone to determine if your installation is feasible

3. We email you a fixed price comprehensive quotation open for 30 days, detailing the equipment we will supply, how long it will take to install, and an estimate of how much you will earn through the FIT

4. You read through the information and then contact us with any queries. If you are happy with our price and rest of the information provided you place your order

5. We arrange for an engineer to visit you to check over survey and agree an installation date; as well as agreeing with you where you would like cables will run and equipment is to be located. They then return on the agreed date to complete your installation, after which we complete required forms and liaise with your energy supplier to enable you to claim your FIT.

It couldn’t be simpler! Contact us PV FIT today for your free solar survey.

*Note: The above example is designed to demonstrate basic return as does not take into account inflation, time value of money or savings on tax versus other forms of investment. Performance estimates are calculated using the Governments Standard assessment procedure (SAP) and are for use as guidance only, as it is impossible for us to guarantee the performance of your system due to changes in the weather from year to year.

Jan 11

The BBC reported today that E.ON were the 5th of the big 6 energy suppliers to raise their gas and electricity costs this Winter.

E.ON say they had “no option” other than increasing their rates for gas by 3% and electricity by 9%, due to the rising wholesale cost of energy.

A typical dual fuel customer will see their annual bill increase by £62 following the price rises, according to calculations by price comparison website Uswitch.com.

“As an energy consumer myself I am not surprised by this latest announcement regarding fuel price increases. Coupled with spending cuts and wage freezes, these fuel price rises are putting even more strain on household and business purse strings, and it is only likely to get worse in the future” says David Houston, Managing Director of Chester based solar energy installers PV FIT Ltd.

One way that energy consumers can protect themselves against escalating costs in by investing in a solar photovoltaic system. Thanks to the Feed-in Tariff (FIT) scheme, launched in April 2010, consumers now get paid an above market rate the the renewable electricity that they generate.

A 4kW system on a South facing roof can offer income and savings of £1600+ per year, which can be more if your property is in South. For householders, this offers a tax free income, which is linked to inflation and guaranteed by the Government for 25 years, equivalent to 10-12% annual return on your capital investment.

A PV FIT system usually takes 1-2 days to install, and consists of:

  • 10-20 solar panels mounted on your roof
  • a solar inverter located in your loft
  • and a cable which drops down to your consumer unit (fuse box) which is connected to your mains supply – enabling you to sell any excess energy back to the grid

You can also keep track of your PV FIT systems performance through your own web page which records how much power you have generated, and more importantly how much you have earned!

PV Fit Ltd are a nationwide MCS approved installers so call or now on 0844 567 9032 for your free 20 minute solar survey, or pop your details in our solar survey form and we will get in touch.

Source: Read the full BBC article

Jan 06

The Prime Minister delivered a speech in Manchester today unveiling the Government’s plans to help drive growth and create jobs across the country.

He said:

“Getting behind tourism, green energy, pharmaceuticals, advanced manufacturing, aerospace, the industries of the future – all this is crucial.

“But it would be a big mistake if we stopped at those big ticket industries. Because if you look at where growth has come from in recent years, you see that it’s the small, innovative companies that hold a lot of the potential.”

PV FIT Ltd Managing Director, David Houston, welcomed this news by saying “as a small business we welcomed the introduction of the very attractive Feed-in Tariffs in April ’10 as it gave a stable platform to innovate and grow. Since FIT’s were introduced there has been a lot of speculation on the coalitions commitment to the previous Governments renewables policy. This fresh statement of intent to help develop green energy is very encouraging”.

David went on to say “our long term strategy is to become a major player in the renewables sector, creating local jobs in Chester, as well as expanding our nationwide installer network. I’ll look forward to learning how the coalition are going to support us in achieving this goal over the coming months, and years”.

Read the full speech

Source: http://www.number10.gov.uk/news/topstorynews/2011/01/pm-unveils-strategy-for-growth-58464

Dec 15

According to the Daily Telegraph, Britain’s 38 million savers have been urged to invest their money in the stock market after being warned that for many of them it is now a “waste of time” putting their cash into a savings account.

The warning came after official figures indicated that the cost of living had increased once again in November, making it nearly impossible to earn a real rate of return on any bank or building society savings product.

A sharp jump in the price of clothing and food was blamed, taking economists by surprise, many of whom expected many retailers to cut prices in the run up to Christmas. There are fears inflation will carry on climbing next year because of the incresase in VAT from 17.5 per cent to 20 per cent and higher gas and electricity bills.

“The problem with shares is they are speculative so can go up, or down with some more secure than others” says Oliver Yeates, Director of Chester based solar energy installers PV Fit Ltd. “Surely a safer option is to invest in a solar pv system, which offer a typical return of £1000+ per year through the Governments ‘Clean Energy Cashback’ more commonly known as the Feed-in Tariff (FIT) scheme?”.

Launched in April 2010, the UK’s popular FIT offers consumers an above market rate to homeowners (and businesses) for renewable electricity they generate. The tariff rate is guaranteed for 25 years, index linked and any income from is tax free – with capital cost of the initial installation paying back in as little as 8-10 years.

The solar energy system needs to be installed by a Microgeneration Certification Scheme (MCS) approved installer in order to be eligible to claim the FIT. “With energy prices continuing to rise and interest rates remaining low solar pv has never been a more attractive investment. You’re roof doesn’t even need to face due South with good performance even from unshaded roofs facing East or West” continues Oliver. “As MCS approved installers with nationwide coverage we at PV FIT Ltd have seen a huge shift towards solar energy given the very attractive FIT and increases in household electricity bills”.

Although solar FIT rates were not reduced in Octobers spending review, there was an announcement that the level of funding available for the scheme will reduce by 9% in April 2012, or before if “excessive demand”. Those who adopt late are likely to miss out so now’s the time to go solar – contact us today for your free solar survey.

Source: http://www.telegraph.co.uk/finance/personalfinance/investing/8202251/Investors-told-forget-savings-accounts-think-of-shares.html