Make Money By Generating Your Own Power

You’ve Got Your Own Source of Power – Now What?

Earlier on in the month, we talked about the benefits that you could see from installing your own renewable power source. The fine points of getting money back on your investment can often be confusing – so we’re going to attempt to clear the air…

There are 5 renewable energy types that are eligible for the Feed-in Tarrifs scheme:

Solar photovoltaic

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You’ll have to make sure that your panels are installed by a certified fitter – the eligibility period lasts for a total of 20 years. 


Wind

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Although you may have to have a difficult conversation with your neighbours, home wind power is becoming a more prominent choice. 


Micro Combined Heat and Power

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You might need to invest in a decent AC/DC Power Converter (and have some extra space to spare) but these machines provide a great deal of energy. However, you can only make use of this FIT scheme for 10 years.


Hydro

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Farmers in particular, with access to a large amount of free running water, will want to make the most of this particular form of power production. The size of your site, as well as the capacity of your energy production, will affect your tariff rate – so it’s best to do your research before installing a large system.


Anaerobic digestion

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Another form of energy production that is specifically tailored for the farmer (especially those with large scale setups), fostering the development of microorganisms – methane gas can be produced and transformed into electricity.


As long as your new installation has been fitted by a certified professional – you can apply through the Energy Saving Trust.

Regardless of the type of power you’re producing, your tariff will be based on a number of factors related to the system you have in place, these include:

  • Tariff Date – Your payments should begin from the start date of eligibility, lengths of eligibility vary depending on your power source.
  • Technology Type – Once more certain power sources are more efficient than others, this is reflected in your tariff price.
  • Capacity – You’ll be eligible for either the Microgeneration Certificate Scheme or ROO-FIT accreditation, depending on the capacity of your power production.
  • Energy Efficiency Of Your Home – It’s always a good idea to have your home assessed and adapted, to make sure that you don’t lose out on a better tariff rate.

Although the Government guarantees payments to producers of renewable energy – these tariff rates are subject to change.

In the early parts of 2016 (between 15 January and 7 February) the acceptance of new applications were temporarily suspended, as the government chose to reassess certain details of the FIT scheme.

When the scheme was once more open for new applications on the 8th February, new measures had been put in place to ensure that new installations were built to environmental specifications – new deployment caps were also put in place for all technologies (with the exception of micro-CHP).

If you’re seriously considering in investing in a large scale energy production installation – then click through here to make sure that you’re in line with all the Governmental requirements.