Thursday, 26 March 2015

New Feed in Tariff Rates April 1st 2015 - March 31st 2016

We all seem to have mixed feelings about price inflation. 

We hate the endless rising prices of the items we need, but welcome our wages and pensions rising each year to ensure we can still afford to buy them.

One of the nice things about our FiT rates is they're index linked. This means that every 1st of April (No April fool jokes) the amount we receive for each kWh of electricity generated rises by the Retail Price Index (RPI) based on the previous December's inflation rate.

My system was installed in June 2011. The FiT rate at that time meant that I received 43.3p for each kWh generated. 

April 1st 2012 saw the rate increased to 45.4p based on the inflation rate of 4.8% the previous December.

April 1st 2013 saw the rate increased to 46.8p based on the inflation rate of 3.1% the previous December.

April 1st 2014 saw the rate increased to 48.07p based on the inflation rate of 2.7% the previous December.

This April 1st based on an inflation rate of 1.6% my FiT rate will increase to 48.84p.

As you can see inflation has fallen each year since 2011, but the FiT rate has risen from 43.3p to 48.84, that's an increase of 5.54p (12.79%)

You can see how your rates will rise using this link

Many of you will have read that inflation in the UK has now fallen to 0%, this will make it very interesting if the rate drops even further.
I'm fairly certain the the relevant Minister will try to reduce his departmental budget by lowering the FiT rate to reflect the RPI rate in December 2015.

It's an ill wind...

Twitter: (@solaricarus)

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