Feed in Tariff For Solar Power Plants Great Way of Popularizing The Use of Solar Energy

The use of non-renewable sources of energy has done great damage to our environment. Current patterns of energy usage cannot be sustainable for our children and future generations. We are squandering our precious chemical and energy resources which should be rationed and set aside for the future. Rampant consumption today, puts all of our tomorrows under a serious threat. We need to reduce our dependability on the fossil fuels and other non-renewable sources of energy and increase the use of renewable sources of energy such as solar energy, wind energy, etc. Today, solar energy is being widely used for meeting energy requirements at home as well as offices and businesses. The government is encouraging renewable technology by offering the subsidy of the feed in tariff (FIT) which is a system of grants which pays the person or business for the energy they generate.

There are a number of renewable sources of energy such as wind turbines and anaerobic digestion systems, which receive tariff money but solar thermal systems are by far the most practical system for most homes & businesses and hence they receive more in total grants than all these. The government is taking every possible step for increasing the popularity of solar energy and that is why it is providing FIT to people who choose to install solar power systems. This is necessary to encourage the uptake of solar technology, under the present circumstances because the up-front investment required is relatively high, but once installed the running costs are zero. (i.e. the costs of the energy are zero)

The FIT is the money that the government pays to the people who use PV solar panels for generating power for their domestic as well as business use. The generation tariff, which is a part of the FIT is highly beneficial for those who use solar energy for generating power. The government pays money in proportion to the energy produced by the solar power system being used by an individual for domestic or office use. This amount varies according to the size of the system and the amount of energy that it produces. The system owner emails the meter reading every quarter and the power company pays a cheque for how much electricity has been generated.

FIT has played an important role in boosting the popularity of solar electric energy systems in the UK. Solar water heating systems are not yet included but are eligible for the less generous “Renewable Heat Incentive” tariff. Today, people too are beginning to understand the need for the use of renewable sources of energy for the sake of the environment. People know that renewable sources of energy benefit everyone and will prove to be cheaper in the long run when compared to the fossil fuels. Several companies that install solar power systems offer lucrative finance options. In addition to this, the income that a person generates from FIT has been exempted from income tax by the government for making solar energy more affordable and accessible. The rates of return possible from a solar power system are far greater than from an ISA, so many people are investing their savings in solar panels rather than abstract investments.

All these measures will definitely increase the popularity of solar energy even more in the society for a better future.