Homeowners urged to take advantage of State incentives

From August until April of 2010, homeowners can take advantage of two overlapping Government incentives encouraging people to generate their own electricity.

Households that install a solar PV system in this window period will be able to access a grant of up to £2,500 and also benefit from £1,000 a year when the “clean energy cash back” scheme, announced in the recent consultation paper, is launched.

A typical solar PV system for a household costs around £10,000 to install with a grant and the £1,000 a year generated in income and savings earns an investor the equivalent of 10%p.a. Unlike other long-term savings and pensions investments found on the high street, the income from PV is not subject to recessionary fluctuations, is guaranteed for up to 25 years and tax-free.

Mike Green, a solar home owner from Peterborough, said: “Initially we made the move to solar because it was the right thing environmentally, but it now makes great financial sense. My family will receive a guaranteed income from our roof for 25 years through the clean energy cash back scheme - not something every household can say. I can now just sit back, watch everyone else worry about their energy bills and look forward to having my house valued.”

Derry Newman, chief executive of Solarcentury, said: “The returns from traditional financial investments have slowed and according to the Bank of England’s report last week, low interest rates could be with us for some time. Generating electricity from solar PV has become a great investment so putting your money on your roof makes sense for your pocket as well as the environment.

“Millions of homes in the UK are south facing and suitable for generating their own solar power. We’re all concerned about utility bills escalating in the future and with these Government incentives overlapping, there’s never been a better time to take your energy supply into your own hands and invest in solar. The technology is well proven, long lasting and virtually maintenance free.”