j2 lot wrote: ↑Fri Apr 15, 2022 2:41 pmWe have had panels since 2012 and in FIT tariff terms still not recovered the purchase cost and we are on the highest FIT rate. We got some compensation for miss selling and If you factor in the reduction in our bills we are up on the deal bur that’s after 10 years. I have thought about battery install to try to reduce bills further but really not convinced we wouldn’t simply be throwing more money at it for no real benefit.
Does this take into account energy used that you have generated. We currently export about 60% of what we generate and am having a battery storage system installed to capture this as the export amount is assumed at 50% of generation and not metered. Therefore the more of the export electricity I can capture and use from the batteries the better.
For arguments sake, we generate approx 4000kWh per annum which means we are losing 2400kWh back to the grid. If we manage to capture and use all of the 2400 then that is an extra saving of £650 at current electricity prices plus we still get the export rate for approx 2000kWh, all be it at a 3p a unit. Our FIT rate works out at a lowly 7.2p for generation and export so based on the above annual generation rate it looks like:
Fit payment per year £290
Saved by batteries £650
Saved by current usage £432
The batteries are going to cost around £4k to install and if we manage to claw back the majority of the unused generation then we should save 4-500 a year which 8-10 year pay back just on the extra and that's before the next price hike in October.
Panels were always a long term prospect but look like they will be 10year break even, batteries will give us some protection from price hikes going forward and there is always room for expansion as prices come down.