Shrewsbury couple poised to earn thousands by generating their own electricity
A couple in Shrewsbury are set to earn nearly... more
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Shrewsbury couple poised to earn thousands by generating their own electricity
A couple in Shrewsbury are set to earn nearly £1,500 a year for 25 years by taking advantage of a new government scheme aimed at encouraging people to generate their own green electricity - and sell it to the national grid.
July 2010 - Paul and Judith Claes have just had electricity generating solar panels installed on the roof of their home in Meole Brace following the government's announcement that it will guarantee index-linked payments of 41.3p for every unit of electricity they generate for the next 25 years. Their investment has a silver lining too in that all income is tax-free.
Judith and Paul Claes, celebrate their new green investment, which will earn them nearly £1,500 a year, with Hestia Solar directors Keith Bennett and Odette Murray.
Paul said: "We will earn a very good return on our investment. We've made £103 in the past two weeks alone."
They are among the first homeowners in Shrewsbury to take advantage of a new government incentive which encourages investment in green technology in exchange for a financial return which knocks spots off interest generated through building society accounts or cash ISAs.
The solar PV system - not to be confused with solar panels which merely provide hot water - actually generate electricity. The power they produce will go towards the government's target to generate 40% of electricity through renewable technology by 2020.
Paul and Judith's system is larger than most. A more typical solar generating system for a home with a favourable aspect and around 14 square metres of roof space would cost around £10,000 and this would earn a net return of around 8% or more based on government calculation methods.
The work was carried out by solar PV installer Hestia Solar, a division of Hestia Services which has been providing independent energy advice and related services to property owners, businesses and the public sector since 1993.
Hestia Solar director Keith Bennett explained: "Many people are unaware of the financial attractiveness of generating their own electricity. With building society returns at an all time low it makes sense to invest in something which guarantees a healthy tax free return rather than paying into an ISA or leaving cash in the building society.
"Generating energy from a renewable source also means creating considerably less CO2, which is a major contributor to climate change.
"As the government tariff has just been launched and is a fixed 25 year term, it would make sense to start looking into it as soon as possible to maximise returns."
For further information and advice on generating electricity on your roof, contact Hestia Solar on 0115 959 7690 or visit www.hestiasolar.co.uk.
