Finance, FiTs & SEG (Smart Export Guarantee) for solar systems in West Wales

smart exports

selling your excess energy!

Feed-in Tariffs (also called FiTs ) was a central UK Government funded scheme that paid solar panel owners for each kWh of green energy they exported back to the National Grid.

Although the FiT scheme closed in 2019, it has been superseded by the Smart Export Guarantee or SEG.

SEG, FiT & FINANCE FAQS

Will I still receive my feed-in tariffs? Anyone who is already in receipt of FiT payments will continue to be so for the balance of their 20 year agreement.

Can I increase my existing FiT revenue? Yes, you can add capacity to an existing solar system and benefit from the additional FiT export revenue, up to the maximum shown on your Feed in Tariff contract. This contract may limit the kiloWatts of electricity that you are able to sell under a 'Declared Net Capacity' clause.

Which energy companies offer SEG? Licensees include major suppliers like: British Gas, E.ON Next, EDF Energy, Octopus Energy, OVO Energy, Scottish Power, Utility Warehouse and several smaller suppliers including Good Energy, Fuse Energy and Voltx Power. Just ask, and our engineers will check whether your property can be registered. . . and which provider offers you the best SEG tariff rates.

What will I need to benefit from a SEG? You'll need an export-capable smart meter, an MCS certificate, and an export MPAN (see below ) from your energy supplier.

What is an MPAN? An MPAN (Meter Point Administration Number. . . sometimes called a 'Supply number') is the unique 13 digit reference used to identify every electricity supply point. . . it acts as a unique address for your home's power connection.

Can I get a solar system on finance? Panels, inverter, and battery storage are usually bundled into a single, fixed-rate, APR agreement, so you have one monthly payment for the whole system, with 0% VAT, courtesy of energy-saving materials relief!

Will the monthly finance cost more than my solar savings? As a rule of thumb, it usually works out close to even. The immediate savings from your electricity bill, plus any Smart Export Guarantee income offsets much, or all, of the finance payment. Once finance is cleared, your panels keep on generating for the balance of their expected 25 year lifespan.

Will applying for solar finance affect my credit score? Only if you go forward to make an application for finance. . . preparing a quote will NOT affect your credit score in any way.

Can I pay off solar finance early? Of course. FCA regulated finance agreements allow early settlement at any time. There are no penalties for early settlement on most credit agreements arranged through Solŵr, though terms can vary by lender, so you should check any contract before signing.

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As with Feed in Tariffs, once registered for SEG, you are financially rewarded for every kWh of renewable energy exported back to the grid.

Unlike FiTs however, the SEG scheme is operated and funded by energy suppliers, rather than the Government, with rates varying company to company; from 3p, to as much as 26p per kWh!

freephone: 08000 30 27 77

don't panic!

let solŵr take the strain

We understand that complex schemes like the Smart Export Guarantee can be bureaucratic and confusing, so why not ask Solŵr for a free ENERGY REPORT?

As part of the survey process, Solŵr Wales engineers will look at your proposed system, its predicted performance, and review your current energy supplier's SEG rates, then include their recommendations in your report.

08000 30 27 77 surveys@solwr.wales

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