What is Solar PV?

July 8, 2022

Solar PV  also known as solar photovoltaic panels, generate electricity using energy from the sun.

By installing solar panels, you can generate your own renewable electricity.

The cells don’t need direct sunlight to work and can even work on cloudy days. However, the stronger the sunshine, the more electricity generated.

What are the Benefits?

Reduce Carbon Emissions

Capitalizing on this process will help lower your companies carbon footprint as the process does not rely on fossil fuels or other products to operate. None of the energy is wasted either as it can be stored on the grid for future use.

Be More in control of your energy costs

With the rise of energy rates, investing in solar energy can significantly reduce your electric bill. The cost of electricity from your utility will have increased dramatically over the last few months, whereas solar energy collected from Solar PV installation is free.

Save Money

Clean Energy

Independence

Property Value

What are my options and what’s good to know?

There are a number of government initiatives that can help you invest in solar panels. It’s a good idea to research if you’re eligible to apply for any of these funding options before you invest in commercial solar energy. 

Feed-In Tariffs (FIT) Scheme – Businesses that generate electricity from a renewable or low-carbon source can sell any excess energy they produce back to their supplier at a set price. Unfortunately, the FIT scheme closed for new applications on March 31, 2019, but you may still be eligible for payments. For more information.

Renewable Heat Incentive – Almost all renewable energy technologies are covered under this incentive, which provides financial support for businesses looking to install their own renewable heat system.

Enhanced Capital Allowances – Providing the equipment you invest in is eligible, you can write off the cost against your taxable profit with a 100% first-year capital allowance.

The Green Deal – With this deal, you won’t have to shell out any extra funds for installing and implementing your energy-saving technology. Instead, you’ll pay from the savings you make.

Salix Finance – Funded by the government, this scheme provides public sector organisations with interest-free loans to carry out improvements for energy efficiency.

Power Purchase Agreement – This allows private funders to buy energy you generate at a set price. They’ll also own your renewable energy system and claim subsidy rewards, while you benefit from producing your own energy.

Lease Purchase Agreement – You receive the technology as part of a lease, paying in instalments via what you earn from government subsidies. Once fully paid, the system is yours.

Business Loan – You’ll pay back your loan over a set amount of time and own, in full, your sustainable energy system. Business loans often feature better rates and terms than a lease provider, so it’s worth doing your research before signing up to an agreement.

Client Funded – This is where you pay in full for your system as it’s installed. This may be the most expensive option in the short-term, however, you’ll be able to claim all government subsidy rewards for the maximum 20 years.