npower today welcomed the Government’s announcement regarding Feed-in-Tariff (FIT) levels and urged consumers to buy now to take advantage of two Government schemes offering financial assistance when installing solar PV panels.

Julia Lynch Williams, director of energy services for npower, commented: “According to our calculations, consumers generating their own electricity from solar PV panels could earn approximately £800 per year from tax free generation payments and bill savings combined. 

“In addition, the Low Carbon Buildings Programme has been extended until April 2011, providing grants of up to £2,500 for homeowners to buy solar panels, subject to availability.  Consumers can claim assistance from both schemes concurrently, meaning there has never been a better time to buy. 

“The new Feed-in-Tariff arrangement means homeowners have the opportunity to earn more than ever before from generating their own electricity and together with a grant, solar is certainly a more attractive investment than it’s ever been.  Given that the Government has increased generation levels since the consultation in July, now definitely looks to be the best time to buy.”

With a typical installation costing around £12,000, FITs will see the payback period reduced to around 15 years, or 11 years when combined with the LCBP grant; considerably shorter than previously achievable.  With FITs in place for 25 years, customers would then enjoy a further ten years of cash rewards, with total potential earnings of almost £8,000.    

npower has seen enquiries in solar panels increase by 200 per cent since the Feed-in-Tariffs were first announced in July 2009, and expects this trend to continue.

To help homeowners take advantage of the double benefit, npower solar offers a complete ‘one-stop-shop’ service including site survey, grant application support, installation and buy back of excess energy.

npower’s website includes guidance for homeowners on solar installations, including a suitability calculator which tells homeowners whether their property is suitable for solar installations and offers a free estimate for installation. For more information visit www.npower.com/solar