Yep, I don't think they even measure export and just assume 50%.
I don't think it was around for long before they started dropping how much they paid before eventually getting rid of FIT altogether.
Pinball info
Register a free account today to become a member! Once signed in, you'll be able to participate on this site by adding your own topics and posts, as well as connect with other members through your own private inbox!
I don't think it was around for long before they started dropping how much they paid before eventually getting rid of FIT altogether.
Paid out for 25 years from installation I think, the one posted above will have been one of the first, just had a quick read about it and it was reviewed after the first year and the rate was dropped to just under half because of the amount of people taking it up and the costs involved with installing also dropped to about half, they then later reduced the payback contract to 20 years.Nice, pretty cool they still honour it
Its good if you got the panels early on but sadly I think its the rest of the customers who are the ones who are covering the costs of it being paid out.
When did you get your system installed @ianw, how much power has it generated since being installed?
The contract is tied to the house too, bought our house in 2016 with 14 panels already installed and we inherited the FIT contract. We are also on same tariff as Ian which reading your post Chris we were very fortunate it seems.
That's pretty cool, Sounds like it has paid for it self pretty quick? with those sort of export figures + all the electric you save buying?
I just got the summary email about recent changes from MoneySavingExpert - for anyone interested, see the points below. One thing that I wasn't aware of relates to point 3 - that whilst this is being called a £2500 price cap, it's actually a standing charge/unit cap (actual capped numbers not available yet). The £2.5k refers to an average consumer's bill, so, for example, if you use more power than an 'average' consumer, your bill will still exceed £2.5k a year. If I'm following the rest of his points, it's not possible to calculate exactly yet, but there is some calculation which can be done to estimate annual cost from Oct if you want to depress yourself.
This is all assuming this change actually goes through, because with the queen dying, I read it's still tbc whether Parliament will actually be sitting between now and Oct, to actually make this stuff law...
This is all assuming this change actually goes through, because with the queen dying, I read it's still tbc whether Parliament will actually be sitting between now and Oct, to actually make this stuff law...
- The new price guarantee starts 1 October, and for someone on typical use will be £2,500 a year and will last for two years.
- The current price cap is £1,971 a year rate at typical use, and was due to rise to £3,549 a year (and likely £5,400 a year in January). It was £1,277 a year last winter.
- This will be a cap on standing charges and unit rates, so use less you pay less, use more you pay more (I’ll publish the rates when I have them). There is no total cap on what you pay, the typical rate is just a figure for illustration.
- The new lower price cap includes getting rid of the green levies.
- The £400 payment to all homes (paid as £66 a month over winter) will continue.
- That will take the average payment to £2,100 a year.
- To estimate what you’ll pay, over a year, multiply current costs by 6.5% (each £100 becomes £106.50). This includes the £400 discount (but not other payments).
- For those with lower than typical bills, the % increase will be lower, for higher users higher (as the £400 payment is flat regardless of use, so has a bigger proportionate reduction on lower usage).
- The £650 payments to those on many benefits will continue (half’s already been paid).
- As will the £150 to those with disabilities and £300 to pensioners.
- There’s no announcement on whether these payments will be in place next winter – I suspect the political reality is at least for benefits recipients – similar will be paid next year.
- VAT is not being reduced in this announcement, but there is a chance (50-50 I’d say) that may happen in the Chancellor’s fiscal statement next week.
- For those on LPG and heating oil, I’m told there will be discretionary payments to help them too (awaiting details).
- For those in park homes and who pay landlords directly, I’m told they should benefit from the new business help (awaiting details).
- I'm hearing fixed tariffs will have the same per pound unit rate reduction as variable tariffs (ie, roughly 30% off). So it looks like, unless you fixed at over the new October price cap level, your fix will be cheaper than moving to variable. (More to check on this.)
Yeah the price cap has always been at a unit rate level not a total bill level they just use those 2500/3500 numbers as an example for the average family but everyone's number will be different depending on how much energy they use.
Be interesting what unit rate they cap it at, ie i pay 28p a kw at the moment, sounds like it will go up a bit to maybe 35p? but not as extreme as like 50/60p a kw like forecasted
The price cap includes unit price and daily standing charge, therefore the unit price could vary depending on the daily standing charge and each supplier can be below the cap, they just can't exceed it. The variable for each household is the volume used and not the daily standing charge, many suppliers were raising the daily as it isn't avoidable, you can't connect to the grid for less days but you can use less volume.
My current estimates based on a spreadsheet of cap vs unit price are:
Electricity will go from ~£0.29 to ~£0.37
Gas will go from ~£0.07 to ~£0.09
My current estimates based on a spreadsheet of cap vs unit price are:
Electricity will go from ~£0.29 to ~£0.37
Gas will go from ~£0.07 to ~£0.09
MSE is saying its about a 30% saving on the published October Price cap as he is saying fixed rates people have recently taken out should also be reduced by this amount which if true luckily for me would put me back to what the current price cap is until June next year then onto the same as everyone else.
Your estimate of about 35p sounds right to me, I worked out something like 34.4 p based on Eons current 27.09p divided by the current £1970 price cap and multiplied by £2500, but that is all very rough maths as doesnt really account for how they calcualte/adjust the standing charge which the companies are free to set to what they want as long as the average usage amounts for KWh set by ofgem when calcualte with their per unit rate plus standing charge is under the price cap.
As a note I think Eon charge more for the standing charge with a slighty lower unit price that some others, its 49p per day for electric at the moment and 27.09 per unit for their standard cap.
Regarding the Feed in Tarrif it started in April 2010 and the first price drop was in March 2012, then another in November 2012 which is when the 20 year contract was brought in, so I would say Ian and Chris's installs were done between those first 2 dates, so still plenty of income left for both of them.
I would say gas is going to go up a larger percentage than electric, dont forget that about 40% of our electric comes from burning gas.
The craziest thing I found out yesterday is that all producers of electric get paid the same wholesale rate based on the most expensive way to generate it, which I think at the moment is the gas based generating, so even though things like nuclear and wind etc dont cost as much to generate they still get paid the highest amount, this is something mentioned yesterday that is going to be sorted out as part of the energy reform as it makes no sense at all, massive profit for the people who generate cheap electric just because someone else generates expensive electric.
100% need to change this logic. Wish we could completely remove our self from the global energy market as well
but guess we don't produce enough to do this yet.
The trend has actually been for Gas and Electricity to increase in a similar % but we shall see....
In terms of actual unit rates what was going to be the new price cap would have doubled the current price per KWh for gas, but electric was only an 80% increase.
But it will be interesting to see how they are going to balance it between gas and electric, but every suggestion I've seen seems to point to an even discount on both, but not sure if that's from being briefed or just an assumption.
Asiapinball
Site Supporter
Double lol 
Electric car charging costs nearing petrol prices for some - RAC https://www.bbc.co.uk/news/business-63029226
Electric car charging costs nearing petrol prices for some - RAC https://www.bbc.co.uk/news/business-63029226
Lecari
Site Supporter
My Dad was telling me that it used to cost him £5 to charge his Tesla to 80% at the Tesla charging points - it's now about £20. It's not quite petrol prices but it's a big jump.Double lol
Electric car charging costs nearing petrol prices for some - RAC https://www.bbc.co.uk/news/business-63029226
Asiapinball
Site Supporter
Meanwhile those with electric cars yawn at another sensationalist article written to comfort people about the high cost of fossil fuels.
Asiapinball
Site Supporter
Exactly, that's what most would do. Batteries are between 30kw and 100kw so between £2.50 and £7.50 to charge. Typically an electric car does 2.5 to 4 miles per kw so cost of fuel would work out to 2-3p per mile or equivalent to 20-30p a litre.
Article compares highest cost at motorway rapid chargers at peak of the market price for electricity and after a dip in petrol/diesel costs at Asda petrol prices, not motorway. And electric is still the cheaper fuel.
Article compares highest cost at motorway rapid chargers at peak of the market price for electricity and after a dip in petrol/diesel costs at Asda petrol prices, not motorway. And electric is still the cheaper fuel.
Lecari
Site Supporter
Yes - in fairness he usually charges his car at home, on solar power. It's only occasionally for longer journeys or on colder days he'll charge at a Tesla point while getting a coffee.
Was reading this morning that the costs of eunning an electric car are almost at the same level as running a "fosil fuels" one now...
news.sky.com
Cost of charging an electric car surges by 42% - with prices nearing the same as petrol
An electric car driver exclusively using rapid or ultra-rapid public chargers pays around 18p per mile for electricity, compared with roughly 19p per mile for petrol and 21p per mile for diesel, according to new figures.
read aboveWas reading this morning that the costs of eunning an electric car are almost at the same level as running a "fosil fuels" one now...
Cost of charging an electric car surges by 42% - with prices nearing the same as petrol
An electric car driver exclusively using rapid or ultra-rapid public chargers pays around 18p per mile for electricity, compared with roughly 19p per mile for petrol and 21p per mile for diesel, according to new figures.
But not everyone has a drive they can park their car on and charge over night - -some people are forced to use public charging points
I think that is understood but it isn't comparing like for like as it focuses on the worst case scenarios, which are:
- you can't home charge
- and you have to use a rapid charger
I did enjoy driving an electric vehicle around Ealing in the 80’s as a milk boy
You try parking outside your house in London for example, most houses don’t have driveways and flats certainly don’t.
My bro just bought a couple of Tesla’s, his and hers but he has a driveway in London and they have been happy with them so far.
How the other half live!
You try parking outside your house in London for example, most houses don’t have driveways and flats certainly don’t.
My bro just bought a couple of Tesla’s, his and hers but he has a driveway in London and they have been happy with them so far.
How the other half live!