Despite recent policy shake-ups, the UK’s solar trade association has claimed residential solar remains a good investment.
At the same time as the country’s Prime Minister David Cameron is being criticized for his Government’s backsliding on their green policies, and in the wake of the recent modifications to the country’s Feed-in Tariff, the solar industry is hoping to allay consumer fears. In a piece published on its website this week, the UK Solar Trade Association made it clear it believes that residential solar remains a good investment for householders.
“Let’s be clear; solar is still a good investment for householders and an essential investment for the planet,” said Paul Barwell, CEO of the Solar Trade Association. “Costs have come down so fast solar is much more affordable today than five years ago – around half the price of a new car. There has never been a greater need to go solar because acting on climate change is more urgent than ever. Solar will save on your energy bills, and potentially add value to your home.”
The cuts to the Feed-in Tariff were not as bad as they could have been, and not as bad as they were going to be. According to the Solar Trade Association (STA), householders will receive a return on investment of around 5%, which will see a solar installation paid back in around 13 years (or earlier, depending on the use of the system).
“The changes to the solar feed-in tariff are significant but solar technology is exceptionally reliable and attractive and the solar industry has proved itself to be the best energy sector in the world at bringing down costs and developing innovative products,” continued Barwell. “We know that solar power is the UK’s most popular energy technology and we are confident that, while solar may be less financially attractive than previously, we remain on track and determined to deliver a solar revolution that will benefit everybody.”
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