What do you do with your FITS payment?

tunnel

Good Morning fellow PV'ers,

As its a nice sunshiny day and i'm guessing we're all looking up adoringly at our panels and wondering how we'll do today i got to thinking,what do you do with your FITs payments. I know Eric compares his to his ISA's would be doing but what about everyone else.

I personally just plonk the cheque in the bank and it gets devoured up never to be seen again. Guess i should try to save it up to get my original investment back,but would you include your leccy savings in there too. Anyone of you fellow PV'ers have any suggestions?

Tunnel

jamesingram

Re invest into more energy(money) saving actions.

My longterm goal is to create a very low energy consuming home.
I'll be using the FITs payments to achieve this.

First purchase was a new boiler, upgrading from G to A rated
also got some thermal blinds for my exisiting DG windows

EricMears

Can't say that I actually do anyting with the FIT payments.

The payments arrive in the same bank account that is used to pay my bill for imported electricity and since the annual total FIT payment is greater than total bill I suppose you might say that I've used the system to prepay my next 25 year worth of electricity in advance and at a discount.

I keep banging on about comparison with ISA interest just to reassure myself that I made the right decision.

tunnel

Eric,

Did you draw the money out from an ISA for your panels or do you just compare one tax free way of saving to another?

EricMears

tunnel wrote: »

Eric,

Did you draw the money out from an ISA for your panels or do you just compare one tax free way of saving to another?

Yes, we really did have £12k sitting in an ISA earning only 3 & a bit percent. A lot happier with the 13.7 return it got last year.

aeromint2

The next FIT payments we receive are going towards paying the British Gas remote control heating we had recently installed. Here's hoping that gadget is going to save us a bit of money in the long term? I think it will cos what it replaced came out of the ark, & I had to guess the set temperature!

Since the panels have been installed, I have kept a spreadsheet (sad I know), which includes the reduction in leccy bills. I also think, that our gas bills are coming down slightly too.

tunnel

aeromint2 wrote: »

The next FIT payments we receive are going towards paying the British Gas remote control heating we had recently installed. Here's hoping that gadget is going to save us a bit of money in the long term? I think it will cos what it replaced came out of the ark, & I had to guess the set temperature!

Since the panels have been installed, I have kept a spreadsheet (sad I know), which includes the reduction in leccy bills. I also think, that our gas bills are coming down slightly too.

Whats sad about it....have you been on the renewables thread? One big bunch of SADDO's ....me included.:rotfl:

WoodyAllenJesus

Our FIT payment just gets absorbed into the rest of the household income. I keep a spreadsheet (which my husband thinks is far too complicated) just so I can see when the 12k is paid off.

I had dreams of paying FIT cheques into a savings account for my children but as yet that hasn't happened.

InVestor_2

My first years FiT payment (& electricity saving from the panels) paid for:

My council tax bill for the year
My total bills for electricity & gas for the year
With approx. £200 left over

24 more lovely years of that will do me

InVestor_2

I suppose I could volunteer to use the £200 excess to buy cheese for the 2/3 very vocal anti-FiT people on this forum, to go with all their w(h)ine.

EricMears

InVestor wrote: »

I suppose I could volunteer to use the £200 excess to buy cheese for the 2/3 very vocal anti-FiT people on this forum, to go with all their w(h)ine.

That should offer a much needed boost to British agriculture !:T