There is much talk at the moment of finding new ways to make money to either replace or supplement household income. Ideas from selling unwanted clothes on eBay to making and selling craft gifts online abound, however, these do not always generate larger sums of money. More and more people who want to think a little bit bigger are looking into another resource that can be made at home and put up for sale. Solar energy.
Getting started
Setting up the equipment to start generating solar energy for your own use and to sell on any surplus will always represent a fairly significant financial outlay. Whether you install solar panels on your roof, and how many, depends largely on your financial situation and the amount of resources available to you.
Early days
Whatever type of solar energy equipment you choose to install, bear in mind that it could be quite some time before you start to see a proper return on your investment. That said, however, you will start to see some reduction on your energy bills almost straight away and you will have the satisfaction of being able to take less from the National Grid and other energy sources, thus strengthening your green credentials.
Receiving payments
Once you have started to generate solar energy, you are ready to approach your main energy provider to discuss them paying you small amounts of Feed in Tariffs (or FITs) in return. You will need to check with your supplier if they are obliged to do that or not, as some smaller ones do not have to.
You will be paid a generation tariff, or a set rate for each unit (kWh) of solar -powered electricity you generate, as well as an extra export tariff for each unit you put back into the National Grid. In other words, you can start to sell the electricity you generate but do not use yourself. A list of FIT-licensed suppliers can be found online at www.ofgem.gov.uk.
Counting the coins
As said above, a substantial initial outlay will prevent you from making serious money for a few years, but sticking with the scheme long term will result in better money and decent savings on energy bills. Actual amounts vary from year to year, but the Energy Savings Trust’s solar calculator could help you work out an estimated projected figure. www.energysavingtrust.org.uk
So how do I get started?
Once your installation company has finished putting up your solar panels they will register you on the central database of the Microgeneration Certification Scheme (MCS). You will receive a certificate and must send it to your energy supplier, instructing them to register you for FIT. If you are eligible, your supplier will tell you when you can start to expect payments.