Solar panel business boosted by government scheme
Published: 21 February, 2011
A solar panels supplier has seen its domestic installations jump by 90% since Feed in Tariffs (FITS) were introduced by the government last year.
Nottingham-based MG Renewables believes customers who previously thought green energy was out of their league now see it as a viable alternative to traditional power.
FITS is a cash back scheme which pays out for every kilowatt produced, whether it is used or not. The scheme is designed so solar panels will effectively pay for themselves within eight years.
People talk about adopting a green lifestyle all the time but until this scheme was introduced, installing solar panels was too expensive for the average homeowner, said MG Renewables Martin Dowd.
For the average homeowner, this is a good way to make some money, and adopt a green lifestyle.
One of the companys customers - Michael and Sue Anson - had solar photovoltaic panels installed eight months ago and they say that during last summer they produced enough electricity to earn them more than £600.
MG Renwables says the combination of this income and savings in electricity ensure an early pay back on the initial outlay.
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