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So, is solar still worth having?

Other than saving the planet and reducing your carbon footprint (reason enough for some) does Solar still make financial sense?

There are many variables that will affect the returns you receive from the FIT.

Inflation will increase the generation and export tariffs each year. The Bank of England’s target rate of inflation is 2% – this is a useful figure to use when calculating what future tariffs may be.

Electricity price increases will affect how much you save on your electricity bills. The higher electricity prices go, the greater your savings will be.

Cost of solar panel installation has fallen swiftly since the launch of the FIT scheme. If this trend continues, the rates of return you receive from solar panels could be potentially higher as it will take less time to repay your initial outlay.

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Maximising your solar panel investment

If you’re thinking of investing in solar panels, a good way of making the most of your money is to reinvest any cash you save on your energy bill, plus any money you make from producing electricity. Think about putting it into a cash Isa, regular savings account or even a high-interest current account.  You could receive interest on your earnings and build up a decent savings nest egg.  Rates can vary throughout the year, so make sure you check regularly to ensure you’re always getting the most out of your money.

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Paying for your solar panels

The most cost-effective way to pay for the installation of solar PV panels is upfront and in full. However, if you don’t have the cash to pay upfront, you may want to consider either a loan or re-mortgaging.  If you do decide to do this, remember that you’ll have to pay interest on any money you borrow.

Eco Partners can help you decide, we use state of the art computer software to factor in all of the above and make an informed decision.