Solar Photovoltaic savings
To give you an idea of the estimated savings you could receive if a 3 kWp Solar PV system was installed correctly, and by using the government required Standard Assessment Procedure, we can estimate it will produce on average 2575 kWh of electricity per year. Using the Feedin Tariff (FIT) rate of 16 pence, this equates to a taxfree income of approximately £412 per year, every year*, for twenty years.
So let’s just say if you pay an average of 14p per kWh for your electricity that would equate to a further saving of £180 per year on your current electricity cost. Don’t forget that with every electricity price rise, this figure will increase. Ofgem have also predicted a 60% rise in electricity over the next three years.
Therefore if you take into account the FIT including the export payment and the potential saving on electricity this equates to over £649 of savings annually. Just imagine over the lifetime of this system which is approximately 20 years and without taking into account the rise in electricity prices, this equates to over £12,980 without index linking
The table below details the estimated savings per year that can be achieved by installing a Smart Green Energy Solar PV system.
System Size

3 kWp

4 kWp

Annual electricity generated kWh

2,575

3,433

Savings on electricity bill @14p per kWh

£180

£240

Feedin Tariff @16p per kWh*

£412

£549

Export payment @4.5p*

£57

£77

Total

£649

£866

*increasing in line with inflation.
NB: The illustrative figures quoted above are given in good faith and do not constitute financial advice. Exact figures depend on particular locations and other factors which will be discussed at a survey.
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