Embrace Electricity Generating Technology And Be Financially Fit

There is a recognised need to encourage a faster level of investment in renewable energy technologies and the way that people are being encouraged to get involved is by offering financial incentives.FITs is a feed-in tariff scheme that was launched by the government in April 2010 and replaced the grants system as the principal source of financial incentive which is specifically designed to spark a growth in the uptake of renewable energy technologies.QUALIFYING TECHNOLOGIESIf you are wondering whether solar panels are worth it, it is definitely something worth considering as you can be paid for the electricity you generate, that you subsequently export back to the grid.Most domestic technologies currently available are considered to be qualifying technologies in terms of being considered eligible for getting you accepted for FIT's. You would be able to make a claim for financial remuneration under the scheme if you generate solar electricity (PV) either through roof mounted or stand-alone panels, install a wind turbine, or generate hydroelectricity, invest in anaerobic digestion, or have a micro combined heat and power (CHP) setup.In order to pass the FIT's qualification process you have to use an authorised installer and products that are certified under the Microgeneration Certification Scheme (MCS) or ROO-FIT if you are using hydro and anaerobic digestion. You can get more help on how FIT's works and how to ensure you qualify by contacting your energy supplier or making enquiries with other suitably qualified resources such as the Energy Saving Trust.HOW IT WORKSIf we take a look at someone who has installed solar panels, here is how FIT's will work. Electricity is generated by the solar panels and your electricity supplier then pays you for each unit of electricity that you generate.You are able to use the electricity that you generate, which means that you gain financially by not having to import as much electricity or in some circumstances, any at all from the grid. When you generate a surplus supply of electricity through your solar panels you can then export this back to the grid and receive a payment that is known as an export tariff. There may be times when you need additional power and have to import electricity from the grid but FIT's should enable you to make worthwhile savings on your energy bill as you are unlikely to buy as much energy from your supplier as before.RECENT CHANGESThe FIT tariff rates have recently dropped from their original price when the scheme was introduced which may on the face of it make it seem like the incentive is not as good as it was, but to counteract this argument it should be noted that the cost of installing solar panels has dropped considerably recently.Embracing the available electricity generating technology that is out there, will still have a very good chance of keeping you financially FIT."RALPH MULLEN" has always had a deep passion for energy usage and applications. After years of research, he enjoys writing about using energy smartly in daily life." Follow Dude, Sustainable! on Twitter or Pinterest, or subscribe to our newsletter.