On April 1st 2010 the FITs (Feed-in Tariffs) scheme was announced by the government in the UK. The scheme was brought about by powers in the British Energy Act of 2008. When initialising the scheme the running powers behind it, mainly the Department of Energy and Climate Change (DECC) had a simple aim in mind; to encourage anyone from the domestic or commercial spheres to deploy low carbon, green electricity generating technology.
In exchange for footing the bill for the initial deployment of these technologies, the company or individual would reap financial benefits in the long run. Because of this scheme Britain has seen windmills, solar panels and even hydro-electro plants spring up all over the country.
Both the private and the public sector have seen harsh times in the past few years and the dark economic climate has meant that the individual and businesses of all sizes have been looking for ways to save money. A greener outlook has also been taken on and this has been the case for the last 20 or 30 years but really seems to be close to the hearts of a lot of business ethoses.
There are many benefits to creating your own energy but in terms of finance, here are the most pertinent points:
- An investment in FITs such as commercial solar panels will mean that you will be receiving money back from the national grid, over the course of the year these savings are substantial.
- The Generation tariff means that for every kilowatt of energy you generate, an energy supplier of your choice will pay you.
- The Export tariff means that for every kilowatt you generate, but do not use and put back into the national grid you will be paid an additional payment.
For these reasons and more the UK has seen far more savvy business-people invest in renewable energy sources.