FIT rate increase 2024?

Krakkkers

Any idea how/when this will be calculated.
Last 2 years have been 7.5 and 13.4% so hoping for another good one.

gefnew

RPI figures released by the ONS in Jan18th 2024 for December 2023.
link to ONS.
 https://www.ons.gov.uk/economy/inflationandpriceindices/timeseries/czbh/mm23

QrizB

Krakkkers said:

Any idea how/when this will be calculated.
Last 2 years have been 7.5 and 13.4% so hoping for another good one.

The retail price index (not the annual change in RPI, but the value of the index itself) was 360.4 in December 2022.

The latest value (September 2023, 9 month on) is 378.4.

That's an increase of 5% so far. If prices don't change for the rest of the year, that's what we'll get.

Will prices rise, fall or stay the same for the next three months? If I knew that, I'd be trading the stock market and planning where to display my Nobel prize for economics, not posting on the MSE forum!

Krakkkers

So how much will the FIT rate increase in April?
Cpi is 4% but I can't find Rpi.

gefnew

rpi here.
RPI All Items: Percentage change over 12 months: Jan 1987=100 - Office for National Statistics (ons.gov.uk)

The_Green_Hornet

Krakkkers said:

So how much will the FIT rate increase in April?
Cpi is 4% but I can't find Rpi.

RPI is 5.2%

United Kingdom Retail Price Index YoY (tradingeconomics.com)

Krakkkers

Thanks 5.2% it is then.

jimjames

I'd posted this on a different thread but new FIT rates as below:

Generation rate was 68.3p so now 71.85p per kWh generated

Export rate was 4.82p so now 5.07p per kWh exported

This is for pre 2012, if you have later installations you'll need to multiple your current rate by 5.2% to get the new values.

https://uk-solarpanels.blogspot.com/2024/01/new-solar-feed-in-tariff-fit-rates-for.html

EricMears

jimjames said:

I'd posted this on a different thread but new FIT rates as below:

Generation rate was 68.3p so now 71.85p per kWh generated

Export rate was 4.82p so now 5.07p per kWh exported

This is for pre 2012, if you have later installations you'll need to multiple your current rate by 5.2% to get the new values.

https://uk-solarpanels.blogspot.com/2024/01/new-solar-feed-in-tariff-fit-rates-for.html

Actually that would only give you the amount of the increase ! You really need to multiply current rates by 105.2% (or 1.052) to get the new rates.