With a big outlay and a six-month wait before the launch, do you invest now, wait or skip it?
Householders keen to install solar panels are weighing up their options after the government unveiled new plans for the way people will be paid for supplying renewable energy. The scheme, which will be launched in January next year, works in a different way to its predecessor – and is likely be less lucrative. With solar photovoltaic (PV) panels – the most popular domestic option – costing between £5,000 to £8,000, and six months before the new scheme is up and running, should consumers buy now, wait or skip it?
What is the scheme?
All energy suppliers with at least 150,000 domestic customers (including the big six, such as EDF Energy and Npower, and smaller companies such as Ovo and Bulb) will be required to buy surplus solar, wind or other renewable energy generated by its customers under the smart export guarantee (SEG).
The companies will be able to set their own price for this energy. In the past, they paid into a shared pot to buy the renewable energy domestic households sold or “exported” to the grid. The export price paid was fixed by the government.