Financial schemes for installing renewable energy
Currently there are two main financial schemes to benefit the renewable energy owner, these are:
The Feed In Tariff (FIT) – for solar PV
The Renewable Heat Incentive (RHI) – for biomass and solar thermal
The benefits vary depending on the type of technology and whether the owner is a private individual or a business.
Feed In Tariff
If you install an electricity-generating technology from a renewable or low-carbon source such as solar PV, the UK Government’s Feed-In Tariffs scheme (FITs) could mean that you get money from your energy supplier.
You can be paid for the electricity you generate, even if you use it yourself, and for any surplus electricity you export to the grid. And of course you’ll also save money on your electricity bill, because you’ll be using your own electricity.
Renewable Heat Incentive
The Renewable Heat Incentive (RHI) is a UK Government scheme set up to encourage uptake of renewable heat technologies among householders, communities and businesses through the provision of financial incentives. The UK Government expects the RHI to make a significant contribution towards their 2020 ambition of having 12 per cent of heating coming from renewable sources. The Renewable Heat Incentive is the first of its kind in the world.