Solar PV is the name given to the technology for converting sunlight into electricity. Solar Photovoltaic (PV) is the combination of two words, ‘photo’ meaning light, and ‘voltaic’ meaning electricity. SPV use energy from the sun to create electricity to run your household/ business appliances and lighting, Solar panels do not necessarily require direct sunlight, as only daylight is enough to generate solar energy; the system will still produce electricity when the weather is cloudy or overcast, however, not as much as on a sunny day.
New laws introduced in April 2010 mean that if you fit a Solar PV System onto a property, you will be paid for all the electricity produced. If you use all the electricity you generate, you will still get paid 43.3p per Kw, in addition, any solar power you do not use, which is exported back to the grid will earn you an additional 3.1p per Kw. Make Money from your Solar Panel.
An average 3-4 bedroom property could receive an annual return in excess of 12% APR, far greater than leaving your money in a Bank or Cash ISA. From April 2010 the return is guaranteed for 25 years and it is also RPI (Retail Price Index) linked and also Tax Free.
The tariff increased on the 1st April 2011 from 41.3p up to 43.3p – in line with inflation.