The Feed-in Tariffs (FIT) scheme closed to new applications on 31 March 2019.
Under the FIT, householders receive payments for the electricity generated by eligible installed systems like solar PV. The scheme has now closed to all new applicants.
Important information about the FIT closure and future applications
- Householders that installed an eligible system and have already successfully applied for FIT payments are unaffected by the scheme closure.
- Householders that have installed an eligible system with an MCS certificate dated on or before 31 March 2019 have until 31 March 2020 to apply to the scheme.
What are the future financial incentives for electricity generation?
Smart Export Guarantee
Although the Feed-In Tariff scheme has now closed the Department for Business, Energy and Industrial Strategy (BEIS) published a consultation on a ‘Smart Export Guarantee’. This put forward the proposal that government should require suppliers to pay small-scale low-carbon generators for the electricity they export to the grid.
Laws introduced in June announced that new solar homes and businesses creating and exporting electricity to the grid will be guaranteed a payment from suppliers.
The Smart Export Guarantee (SEG) will ensure small-scale electricity generators installing solar, wind or other forms of renewable generation with a capacity up to 5MW will be paid for each unit of electricity they sell to the grid – tracked by their smart meter.
Alternative financial incentives
Some energy suppliers are offering similar deals to the Smart Export Guarantee, paying customers set tariffs for electricity they export to the grid. Deals are specific to each household and could involve your generation and supply being metered. Deals may also be time limited and have other conditions which you should consider carefully in order to make the best choice for you.
The Solar Trade Association website lists the current deals available.
Ofgem have released feed-in-tariff rates up until March 2019 – Please click here to view.
To find out more about the potential financial benefits, contact us today