10 Jun Smart Export Guarantee Breakthrough Finally Happens
Since the end of the Feed in Tariff (FiT) consumers and buyers of Solar PV systems have wondered what’s next. Yesterday the Government finally released news on the Smart Export Guarantee which replaces the FiT and guarantee’s money for power supplied to the grid.
This week the Government will introduce legislation to Parliament that guarantee’s a payment from energy supplies to new solar homes and businesses who create and export electricity to the grid.
The Smart Export Guarantee (SEG) ensures that small-scale electricity generators installing solar or other forms of renewable generation will be paid for each unit of electricity they sell to the grid – tracked by their smart meter up to 5MW.
SEG will place a legal obligation on energy suppliers with over 150 000 customers, effectively covering more than 90% of the retail market – to introduce export tariffs by 1 January 2020. Some energy suppliers, including Octopus and Bulb, are already ahead of the curve and are already offering new smart tariffs, with some exceeding those offered under the FiT.
It is just deserts for consumers looking at investing in Solar as at peak times, solar has provided more than quarter of the UK’s energy demands, which is no mean feat and must be recognised accordingly and the SEG does just that.
The flexibility of the SEG to enable homeowners to choose from a variety of suppliers will inspire competition and value for money for homeowners. The suppliers have in a manner been given a blank cheque to encourage innovation and the suppliers themselves are free to choose the form of the tariff they offer and actively encouraged to try different approaches – as long as the meet the minimum requirements set down in the SEG.
With legislation being introduced this week, the SEG is scheduled to be implemented on the 31st December 2019. So, consumers will have a small delay. But fear not, the cost of Solar PV installation has significantly reduced, and residential solar panels are now 50% cheaper than in 2011. Hero Renewables are able to offer a no obligation feasibility quote enabling you to take the next step. Hero Renewables are authorised and regulated by the Financial Conduct Authority and are able to offer competitive finance options like the smart payables with full range of accounts payable payment solutions for all businesses for your Solar PV installations.
Enquire today and harness the sun’s power with Hero Renewables, an award-winning national microgeneration company generating your future.