It looks like the Utility Warehouse Discount Club is offering a feed in tariff for those amongst us who are fortunate enough to be able to generate our own electricity.
The two most common ways people generate their own electricity are:
Wind Turbines
Basically a windmill on a stick attached to a generator which then produces the electricity. This generated electricity is then passed into an inverter (directly or via batteries) which converts the direct current (DC) to alternating current (AC) suitable for being put back into the grid (fed in).
Solar Panels
Sheets of a material which converts the suns energy into electricity are mounted on your roof and this electricity is then put into the grid the same way as the wind turbine.
So why is everyone so excited about the Utility Warehouse Discount Clubs feed in tariff? Well as with all feed in tariffs any electricity you generate and put back into the grid earns you money and in fact you can save in three different ways:
- Any electricity you generate and use in your home earns you money
- Any electricity you export into the grid earns you money
- Because you’re generating your own electricity you need to buy less from your supplier therefore saving you money
Sounds like a win win situation right? Well it is the only snag with these types of scheme (if it can be called a snag) is the installation cost of this type of power generation. For example a typical Solar Panel installation will cost you upwards of £8000 so it puts it well out of reach of the average householder.
The good news however is that costs are coming down all the time as the technology becomes better and manufacturers start to realise the benefit of increasing demand in other words the more units they sell the cheaper they become to make and so the cheaper they are for you to buy.
The return on investment for a typical Solar Panel installation is now less than ten years so with energy costs increasing year on year if you have the capitol it would be well worth your while to look at this type of system.
It’s also nice to see The Utility Warehouse Discount Club which is also known as Telecom Plus PLC being at the forefront of the feed in tariff revolution and only time will tell how successful they’ll be at selling this fantastic idea.
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