The Government Is Quietly Changing Your FIT Solar Payments

squirrelpie

Maybe it's time to write to our MPs now?

Goldwing1

https://forums.moneysavingexpert.com/discussion/comment/81858244#Comment_81858244

I think so.

debitcardmayhem

https://forums.moneysavingexpert.com/discussion/comment/81858244#Comment_81858244

https://forums.moneysavingexpert.com/discussion/comment/81858327#Comment_81858327

Whilst you’re at it ask them why I pay tax …..

😎

squirrelpie

Whilst you’re at it ask them why I pay tax …..

I suspect it's the same reason I pay tax. The issue here is the government changing the terms of a contract retrospectively in parliament. That's not something any business or individual can do and IMHO it's not something any government should do either.

debitcardmayhem

https://forums.moneysavingexpert.com/discussion/comment/81858377#Comment_81858377

When I was born I expected to get a pension at 65 , same thing really that’s why you get a vote , to decide who makes the bad decisions . Mind you you may have luck knowing the govt’s fondness for U turns.

Goldwing1

https://forums.moneysavingexpert.com/discussion/comment/81858392#Comment_81858392

The key words with pensions are the words when you signed up. IE: "Currently 65" or, for uplift; "Currently RPI". There are no such words in the contract I hold. It simply says "RPI". Therefore, IMHO, they are in clear breach and banking on people not doing anything about it.

The_Green_Hornet

https://forums.moneysavingexpert.com/discussion/comment/81858496#Comment_81858496

I suspect the contract you hold isn't with the government but with an energy supplier.

It will probably have a clause which will state that they can make changes to it if there is a change in the law and that they will notify you accordingly whereupon if you are unhappy you may cancel it.

JKenH

The long and the short of this is that if the government legislates to change the FiT rates then, provided the have complied with the proper procedures (consultation etc), there is little we can do about it. The early FiT rates are very generous and we should be careful not to kick up too much fuss or someone may take a closer look at these. Let’s face it, most people who could afford to pay for panels out of their own pockets are hardly likely to be on their uppers. I have seen many posts where people have said that they recovered the full cost of their panels in as little as 7 years and with FiT payments carrying on for up to 25 years the general public might have little sympathy with us whingeing over whether we get CPI rather than RPI uplifts when electricity bills are rising, in part, because of schemes like this. Someone has to pay for this scheme and currently it is the electricity consumer.

Scot_39

0.714p / kWh plus overheads like vat the amount FIT scheme adds to our cap unit rates.

To pay for the excessive profits of those particularly on the original high start rate - now after decade plus of indexing on rates over 75p/kWh for 50% notional export - not real export - guesstimated.

Time everyone on FIT was fitted with export meters and switched to SEG only. Nearly all will have more than recovered their initial investment.

In at least one case posted in this forum projected returns were over 300%.

And yes I responded as such to consultation, and have written to my MP about the excessive returns projected by such users over 25 years.

Just because something might be green shouldnt give it a license to print money, to profit execessively at the rest of our expense.

sadly as per the, response, our energy policy is governed by renewables profit - towards "maintaining investment appetite" - i.e. excess energy costs to drive profits for grid and renewables operators we nearly all pay for in our bills now and for decades to come.

Qyburn

https://forums.moneysavingexpert.com/discussion/comment/81863459#Comment_81863459

The "over 75p/kWh" that you cite is the FIT generation payment, paid on everything generated not just on export.