The Feed-in Tariff (FiT) scheme in the UK was a government program designed to encourage the adoption of renewable energy, including solar power, by providing financial incentives to individuals and businesses generating their own electricity. Although the scheme closed to new applicants in March 2019, those who were already enrolled continue to receive payments for the duration of their contracts, which can last up to 20-25 years.
Here’s how it generally works: #
- Generation Tariff: You get paid for every kilowatt-hour (kWh) of electricity your solar panels generate, regardless of whether you use it yourself or export it to the grid.
- Export Tariff: You get an additional payment for the excess electricity you export to the grid. This is usually a lower rate than the generation tariff.
Do You Get Money in Your Bank? #
Yes, the money from the feed-in tariff payments will be deposited into your bank account. These payments are in addition to the savings you make from using the electricity generated.
What are the Eligibility Criteria? #
Accreditation: To be eligible, the solar PV system had to be installed by a certified installer and meet specific standards.
Pre-2019 Registrations: Only systems installed and registered before the closure of the scheme on March 31, 2019, are eligible for FiT payments.
Solar: What are Feed-In Tariffs and How Do They Work?
