Further to October 31st announcement by the U.K. Department of Energy and Climate Change (DECC) that the Feed in Tariff (FiT) on Solar PV installations is to be reduced from 43.3p/kWh to 21p p/kWh, Gary Summers the CEO of the Alumet Group (incorporating EOS Energy) urged consumers not to panic.
Summers--well known for lifting awards in his trademark green jacket is now out to lift the morale of all house holders and business owners by declaring that his company will guarantee that any orders placed by November 11th will be installed before the new cutoff date. The new proposed tariffs apply to all new solar PV installations with an eligibility date on or after 12th December 2011. Such installations would receive the current tariff before moving to the lower tariffs on 1st April 2012.
Following the news of the announcement, the current Midlands Entrepreneur of the Year said, "Its no big surprise that the tariffs have been reduced, we had been preparing for the new rates to be in place from next April, however, we now have just 6 weeks to put our plans in place instead of 6 months." Summers added, "I believe that the Government has acted correctly in cutting the tariff to a sustainable level, its just the timescale that has taken the industry by surprise."
Even with the new rates it is still a good time to invest in solar PV, EOS reckons that the payback period is still only 10 years and this could come down further with rising electricity prices. Also, consumers shouldnt lose sight of the bigger agenda; Solar power is not just about Feed-in Tariff revenue, people need to consider fuel poverty and carbon reduction.
Summers is adamant that he is leading the green revolution "with ever increasing fuel prices it still makes perfect sense to invest in solar PV, through our Community Green scheme EOS Energy will pay 10p per watt purchased back into community schemes."
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