SOLAR FiT CUT – NO NEED TO PANIC, SAYS EOS

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Friday, November 4, 2011 1:15:00 PM

 

Following the recent announcement by the DECC that the Feed in Tariff (FiT) on Solar PV installations is to be reduced from 43.3p/kWh to 21p p/kWh, Gary Summers, Chief Executive Officer of the Alumet Group (incorporating EOS Energy) urged consumers not to panic.

After the DECC announcement, Summers - well known for lifting awards in his trademark green jacket -  announced that his company would guarantee that any orders placed by November 11th 2011 would be installed before the new cut-off date. The new proposed tariffs apply to all new solar PV installations with an eligibility date on or after 12th December 2011. Such installations would receive the current tariff before moving to the lower tariffs on 1st April 2012.

 

Pat Gwynnette - Clearview Editor

Pat Gwynnette - Clearview Editor

After the new FiT figures were released, Summers, current Midlands Entrepreneur of the Year, said, "It's no big surprise that the tariffs have been reduced, we had been preparing for the new rates to be in place from next April. However, we now have just six weeks to put our plans in place instead of six months.

"I believe that the Government has acted correctly in cutting the tariff to a sustainable level, it is just the timescale that has taken the industry by surprise.

“Even with the new rates it is still a good time to invest in solar PV, EOS reckon that the pay-back period is still only 10 years and this could come down further with rising electricity prices. Also, consumers shouldn't lose sight of the bigger agenda:  solar power is not just about Feed in Tariff revenue, people also need to consider fuel poverty and carbon reduction.”

 Summers is adamant that he is leading the green revolution "with ever-increasing fuel prices it still makes perfect sense to invest in solar PV, through our Community Green scheme EOS Energy will pay 10p per watt purchased back into community schemes."

 EOS Energy is one of the fastest growing renewables companies in the UK and recently landed both the Commercial Installer of the Year - and the Commercial Project of the Year awards.

 www.eosenergy.co.uk

Crafted by DMSQD