The Feed-in Tariff (FiT) is scheduled to close to new applicants on March 31st 2019, meaning the financial incentive for property owners and community groups to install renewable energy technologies in their homes and commercial properties will disappear.
Those who manage to register a new installation before 31st March 2019 will still be eligible to receive around 4p for each kilowatt they produce for the next 20 years. And those who fall short of the deadline will have to look for viable alternatives.
People were eager to hear if a replacement would be offered in place of the export tariff, to ensure that homeowners generating renewable energy are fairly compensated for energy exported back to the grid.
On 08 January, the Department for Business, Energy and Industrial Strategy (BEIS) released its proposed Smart Export Guarantee (SEG) as a way to ensure that homeowners generating their own renewable energy will be paid for any energy they export to the grid.
Under the Smart Export Guarantee, energy suppliers would have to pay homeowners for any electricity they export back to the grid from their installation. All exports must be metered, not estimated as it is under the Feed-in Tariff, meaning only households with a meter would be eligible.
The price suppliers have to pay has not yet been specified, and only energy suppliers with over 250,000 customers will need to offer payment for exported electricity. Smaller suppliers would have the option to opt in to the scheme.
Participating suppliers would need to register their contracted installations with the Balancing and Settlement Code (BSC), and all participating installations must be completed in accordance with the Micro-generation Certification Scheme (MCS).
The introduction of this scheme will help to ensure the continued success of domestic solar in the UK, which is hugely important for delivering on our decarbonisation targets.
The Smart Export Guarantee will also boost the uptake of smart home energy storage systems, as they will enable users to maximise their financial returns by storing energy until they can get the best possible price.’
Click here to find out more about the Moixa Smart Battery and how it could help reduce your energy bills
Although it is great news that there will be an opportunity for people to be paid for exported energy in future, we don’t know when this will begin and it’s likely that the current Feed-in Tariff will give those who purchase solar and storage the best returns.
To be able to apply for Feed-in Tariff payments you will need to have solar installed by an MCS accredited installer and have submitted your FIT application by March 31st.
If you’re in a position to meet the FiTs deadline, leading British technology company Moixa can help you save up to 60% on your energy bills by making solar technology smarter.
Moixa’s solar battery and solar panel bundles have helped thousands of households to save money; its systems allow you to store solar power and/or cheap-tariff electricity, ready to use at a time that suits your home’s energy needs and maximise your savings.
Founded in 2006, Moixa has been developing intelligent battery products since day one. The company has always focused on making energy more intelligent and efficient for homes, supporting the move away from fossil fuels by optimising the way people generate, distribute and consume renewable energy.
If you are interested in having solar and battery storage installed before the end of FIT, call Moixa’s team on 0161 883 2374.
In the future, we expect battery storage systems to take centre stage in new solar energy projects. When financial incentives end with the FiTs in April 2019, homeowners’ attention will likely turn to consuming as much of the green energy they produce as possible.
Affordable battery storage solutions like a Moixa Smart Battery will make this possible for everyone. Instead of selling the homegrown energy back to the grid and later buying it at a higher price, people will be able to store it inside the battery and use it on demand.
This also means that households with battery storage solutions will be protected from the electricity price hikes predicted to be just around the corner, and will likely make substantial savings on their annual energy bills.
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