Feed In Tariff Increase

tsing5264

I gather that Feed In Tariffs increase by the Retail Price Index (RPI), which is arguably vastly understated, running way below actual inflation. However, the cost of fuel alone is currently increasing by a conservatively estimated 80%, which is way beyond the forecast for the general RPI figure. Given that the power companies are charging over 80% more for power, why are they not increasing FIT payments by the same percentage? 

QrizB

This seems to be asked every couple of days at the moment.

When you signed up to the feed in tariff scheme you entered into a 20- or 25-year agreement under which you would be paid a set amount, increasing annually by RPI.

To change this agreement you would need to renegotiate with Ofgem (not with your FIT supplier, who are simply administering the FIT scheme on Ofgem's behalf). If you decide to try this, do let us know how you get on.

Alternatively, you can opt out of the export payments you receive under the FIT scheme and instead choose to sell your exported electricity direct to an energy company. This will require your exported electricity to be metered, which generally means having a compatible smart meter fitted. There is one export scheme - Octopus Outgoing Agile - that pays the market rate for exported electricity. In order to qualify for this you need to be an Octopus customer and have an eligible electricity tariff with them.

[Deleted User]

Remember that you've been paid way above market rate for years as part of the FiT scheme.  Did you similarly suggest that the rates should have been cut for all that time?