Solar Feed in Tariff

joanie3

I got an email (as usual) from my Feed in Provider for my solar readings.

Just a thought, but they are paying me a set amount per unit, which does not change. 

Meanwhile we are all having to pay an extortionate amount per unit to purchase and use (the very electricity I have just sold to the grid at a lower amount).

Has anyone else thought about whether there is anything to be done about equalling out this unfairness? 

Benny2020

You signed a contract for 20 years index linked, its a good deal.

[Deleted User]

Your FIT and export payments are line with the contract that you entered into when you applied for the Solar FIT Scheme. Your export price increases in line with RPI each year.

How exactly is this unfair? Some early solar owners are getting in excess of £2000 a year in payments that all consumers are paying for in the form of higher standing charges.

Ectophile

They are paying you a set amount per unit, which goes up by the rate of inflation every year.  That's the contract that all of us on FITs entered into.  There was never any guarantee that the FIT would mirror the price per unit of electricity.

If you have a SMETS2 smart meter, you do have the option of cancelling your FITs, and switching to measured export on the SEG scheme.  You are very likely to be worse off doing that.

[Deleted User]

Benny2020 said:

You signed a contract for 20 years index linked, its a good deal.

Or 25 years, if the OP signed up to the scheme in 2012.

Benny2020

yes quite right.

joanie3

Okay BAD idea to ask a flippant question!
BUT I am only just about getting to the part where I have "broken even" with my original spend, so certainly not raking it in.
I am at retirement so income is fixed and this was part of my "retirement" plan, certainly didn't expect to be paying double the rates for energy (after having the most recent energy company be taken over).

Merlin139

joanie3 said:

Okay BAD idea to ask a flippant question!
BUT I am only just about getting to the part where I have "broken even" with my original spend, so certainly not raking it in.
I am at retirement so income is fixed and this was part of my "retirement" plan, certainly didn't expect to be paying double the rates for energy (after having the most recent energy company be taken over).

How can you be complaining when you had your panels installed in 2011? Your FIT payment from April will be over 60p per kWh? Combined with your 50% export that's over 62p per kWh on everything that your panels produce even if you use it. After over 10 years you have only just got to the break even point on your original spend? But at least you have another 14 odd years of FIT to come.

What you pay for your Electric has a small contribution to pay for your FIT. 

Should what you get paid also cover the increased cost of Food, Petrol and all the other things that have gone up? These will all have an effect on your fixed retirement income. As others have said you signed a FIT contract and your knew what you would get and how it would increase.

Have you thought about cutting back on the energy that you use? 

QrizB

OP there are higher export payments to be had if you move to metered export. See this thread:

https://forums.moneysavingexpert.com/discussion/6342719/feed-in-tarriffs-and-the-huge-increase-in-electricity-prices/p1

Petriix

Ectophile said:

They are paying you a set amount per unit, which goes up by the rate of inflation every year.  That's the contract that all of us on FITs entered into.  There was never any guarantee that the FIT would mirror the price per unit of electricity.

If you have a SMETS2 smart meter, you do have the option of cancelling your FITs, and switching to measured export on the SEG scheme.  You are very likely to be worse off doing that.

You don't have to cancel the generation part of the FIT, you can simply opt out of the 'deemed' export payments and sign up for any SEG scheme. That may actually be a good idea if you export more than half of what you generate.