Wednesday, March 02, 2016

Another FIT Cheque - YAY!!

Image courtesy of franky242 at FreeDigitalPhotos.net
It is really great when I get a cheque from British Gas as feed in tariff payment for the solar panels. It is one of the only forms of passive income that we have and although it isn't a fortune it is still really satisfying.

The cheques come quarterly and this one was for £72.30 which considering it has been the darkest part of the year, is rather good. My record keeping has, admittedly, not been too good on the payments that I have been getting. However, it looks like we have had £3121 in FIT payments since the panels were fitted in July 2011. This is an average of £624 a year. This is rather good and if it continues, we will make back the money we spent in another eight years. However, we have been saving each month on our electricity bills as well of course. I think this savings is around £25 a month. This means that, according to my rough calculations, we will break even in about four years time in 2020. This will be having had the panels for 9 years. Considering the FIT lasts for 25 years and we will also continue to save electricity, this will really add up.

We were warned though, that the panels do get less efficient over time, which means that we will make less electricity and so will save less money on our bills and generate less so out FIT payments will go down. However, it is still looks like it was a fantastic investment and once we have made some profit from it, we may even decide to get some more efficient panels to get back even more money. But it will be a good number of years before we consider doing that and it may depend on whether there are any good government incentives at the time as well as how efficient the panels have become with changes in technology over the years.

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