What is Solar PV?
Solar PV (which is short for PhotoVoltaic), is an electricity generating system consisting of flat panels mounted onto a preferably south facing roof, which transforms the sun’s energy into electricity. This generated electricity is fed into your existing household supply via a meter to measure how much is being generated.
- The Government pays you a set amount for each kW/h that you generate. This set amount is called the ‘Feed-in-Tariff’ (FiT).
- Your energy supplier also pays you for the electricity that you have generated but not used, this is currently set at 50% of what you generate.
- The real potential comes from you having generated some of your own electricity (with the solar panels), so you don’t need to buy so much electricity from your supplier!
When these 3 factors are added together the result is equivalent to over 7% return for up to 20 years on the investment.