UK Government hampering panel use with poor feed-in tariffs
6th April 2018 | Residential Energy
Energi Mine, the blockchain and AI powered business that rewards energy efficient behaviour, today announced results of its analysis of eight full years of solar photovoltaics deployment figures released by the government on 29 March 2018.
It shows that predictions of plummeting investment in solar panels since the feed-in tariffs (FiT) were cut in 2016 have come true. In the past year the number of installations has plummeted to a seven-year low, despite the total costs of installation dropping by over 70%.
In 2011, the typical cost of an installed 4kW domestic solar photovoltaic system was around £14,000. This can now be installed as little as £4,000 in 2018. But with feed-in tariffs stalled at only 3.93 pence/kWh, versus an average consumer price of 13 pence/ kWh, there is little incentive to feed back to the grid when generating excess energy.
Omar Rahim, CEO Energi Mine said, “In the two years since the government cut the Feed-in Tariff (FiT) by more than 60%, the number of new photovoltaic installations has plummeted from over 26,000 a month in December 2015 to less than a tenth of that two years later, just 2.422 in January 2018. However, at the same time we are paying more than ever for our electricity. Habitual change can only take hold if people are financially incentivised and rewarded. Much like the introduction of charges for plastic bags, financial rewards need to be introduce for energy saving behaviour to deliver the necessary results.
“From an environmental standpoint, while we are currently meeting our targets, we will see a deficit in our carbon emission goals by the late 2020s. This is not good enough and it is time for a radical rethink to get people to change the way they interact with energy, and the consequential carbon emissions, for the long term.”
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