Solar Panel Funding Incentives

happy family after receiving solar panel funding

Solar Panel Funding is the perfect start to making your home green.

Have you heard about the new solar panel funding incent that has been rolled out across the UK. In this article, we will answer all of your questions on solar panel funding UK.

The short answer is yes! . We have these outstanding solar panel funding incentives available to offer our clients.

Solar Panel Funding has launched a new scheme to help homeowners in the UK combat energy bills. As a result, they can help with the installation process. They can lower our carbon footprint on the planet and save you money on your energy bills at the same time

Solar Panel Funding Criteria.

Solar Thermal Funding has certain criteria that have to be met. The scheme aims to help UK home-owners living in fuel poverty.

Giving the incentive to UK home-owners that qualify for funding. To install free solar panels to their home. Plus all the savings on energy bills and earning on the energy produced by the solar panels.

As of September 2020. You can apply for the green home grants to help with the installation costs. These grants can be up to £5000 and up to £10000 for the lowest income households.

solar panel install on homeowner that received solar panel funding

Solar Panel Funding Options Available.

Currently there are 3 main incentives available to home owners in the UK these are:

  • Smart Export Guarantee (SEG)
  • Renewable Heating Incentive (RHI)
  • VAT reduced scheme

Smart Export Guarantee (SEG)

The Smart Export Guarantee came in to force in January 2020.

The feed-in Tariff is over and gone. Its replacement is the Smart Export Guarantee.

The Government ended the scheme in March 2019. In short, this means that you are no longer able to benefit from this incentive, unfortunately.

Had you have signed up for the scheme before March 2019, you can still claim and earn money back from your solar panels by selling back electricity to the suppliers.

The Smart Export Guarantee is an incentive for home-owners to install solar panels and solar thermal heating. install a smart meter to track your energy usage and storage.

The electricity that has not been consumed by your household can be sold back to your energy supplier. Making you the homeowner a profit helping to cover the costs of the installation faster

graph explaining pricing on energy brought back by the supplier
image of solar energy path

Renewable Heating Incentive (RHI)

The Renewable Heating Incentive is a financial payment. The result of this is a payment calculated based on the amount of renewable energy a household produces

The incentive is aimed at home-owners. Therefore homeowners installing renewable heating technologies, including heat pumps and solar thermal heating, will result in a 5% reduction in VAT.

House-holds that install these products. Can register them and expect to receive money back on the amount of renewable energy produced by the household.

picture of a house hold on the renewable heating incentive plan with solar panel funding

VAT Reduced Scheme

The VAT reduction policies are tough to apply for the criteria is narrow. It includes state pensions, universal credit and disability living allowance solely.

The scheme covers home improvement installs like a biomass boilers, solar systems and heat pumps.

The direct result of this is if you meet the criteria mentioned above. You could receive a 5% reduction in VAT on either the install, product and sometimes both.

image of vat reduction with solar panel funding
Government money policy to cut VAT or reduce tax rate to help economic recovery after COVID-19 Coronavirus pandemic, government, FED and central bank using scissors to cut or lower VAT rate.

Conclusion

The incentive for solar panel funding is definitely alive and well. The options are varied depending on criteria and status.

Solar panel incentives can improve your energy usage. Decrease your carbon footprint and help save money on your energy bills.

Any questions you have, we are happy to help. Contact us via the link here, and we can help guide you to the best solar panel funding solutions for your household.

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