After eight years, of one of the most successful subsidy schemes in history, the Feed-In-Tariff (FIT), comes to an end on 31 March 2019 – but what does this mean for businesses who still wish to invest in solar energy in the future?
The truth is that the future is still very bright for solar for commercial systems. Over the last few years we have become used to drops in FIT support and the scheme itself was only designed to kick start new forms of energy as opposed to support them permanently.
The reason for our optimism comes from a number of things:
• Falling panel prices have been a major factor, driven by massive global demand which has helped the manufacturers refine their production to make panels more efficiently.
• Proven success of existing installations, some nearing 10 years old, has given people confidence in the technology.
• Climate change is rising on the agenda for many businesses as they seek ways to adapt and decarbonise.
• The economics work without a subsidy, and in some instances this has been the case for some time. If you use more than 80% of your power on site you are likely to achieve a double digit return on a solar investment.
We are receiving a significant level of interest in commercial Solar PV installations for delivery post March 2019 which is driven by all these factors. There are many companies seeking to buy power from generators, so even if you were to export some of your load there is a market for the power. We also have community funders seeking projects in which to invest, in effect giving businesses owners free solar systems on their buildings in exchange for guaranteed cheaper electricity.
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