Solar Energy Generation
Solar energy can be used to generate electricity, using Solar Photovolaic panels conected to an electrical system, or using heat absorbing tubes or panels conected to a heating system.
Domestic micro generation installations are a great investment, even with the recent Government cut in the Feed in Tariff, an excellent return on your investment can be achieved.
Installing Solar PV as an Investment
The Sunday Times put solar PV panels as one of its top five investments for making +13% returns on your savings.
In the article it advised customers to consider PV following the introduction of the feed-in tariff in April, offering them a tax-free, index linked income for the energy they produce. The new coalition Government has agreed to honour the feed-in tariff system for electricity.
"Given that the income is tax-free, the return on a £14,000 investment is equivalent to 12.9% for a 50% tax payer and 10.3% for a 40% tax-payer, with the investment recouped in as little as seven years. As the payments are linked to RPI, this equates to a real return of 18.2% and 15.6% respectively at today's RPI rate of 5.3%"
Extract from: The Sunday Times 23rd May 2010
Renewable Free Energy
As a renewable energy source it burns no fossil fuels, emits no CO2, makes no noise and creates no waste. So for anyone who cares about the environment and wants to reduce their carbon footprint, it's a natural choice. According to the Energy Saving Trust, a typical home Solar PV system can save around one tonne of CO2 every year - that's around 25 tonnes over the lifetime of your solar system.
MG Solar power systems convert the energy from the sun into electricity using photo-voltaic (PV) cells within roof panels. They use both direct sunlight and diffuse radiation from clouds. Your solar power system will still work when it's cloudy, but you'll get the best performance when it's bright and the sun is directly visible. So most if not all of the electricity you need is free during daylight hours - heating your hot water and powering all your appliances
Feed-in tariff incentives
On top of dramatic savings on your electricity bills, you also gain from the new feed-in tariffs (FiT) - the government's way of incentivising people to generate their own renewable electricity so that the UK can meet legally binding emissions targets. It doesn't apply to all types of solar power - only PV Solar. You earn money both for all the electricity you generate and also for any spare amount you export back to the grid.