Bright idea to save money and also the environment

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Thursday, November 03, 2011
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Nottingham Post

A NOTTS doctor has told how his interest in green issues led him to install solar panels at his family home.

Paul Martin and his wife Tracy first began considering renewable energy sources two years ago and, thanks to a recent government cash-back scheme, have finally taken the plunge.

The couple, who live in Mapperley with their two teenage children, installed solar thermal which heats up water almost a year ago.

They were so impressed that solar panels quickly followed a couple of months later.

They spent just more than £13,000 on the panels and installations, carried out by Nottingham-based MG Renewables, which will, they say, have paid for themselves within 10 years.

By using the electricity they're producing the family do not need to buy it from their energy supplier, meaning they're making big savings.

The money earned from generating and selling electricity plus the money saved by not purchasing from the power company makes it possible to earn a return on investment of more than 10 per cent.

As part of the feed-in tariffs scheme, the Martins' should receive cash from the Government for the energy they produce for the next 25 years, although the rate of return is set to reduce.

Paul said: "I've always had an interest in green technologies and have been thinking about investing in green energy sources for some time.

"Our panels were installed in September last year.

"Despite the terrible weather we had from November onwards, we were still generating a small amount of electricity.

"The only time it stopped was when we had a couple of inches of snow on the roof. The government scheme certainly makes renewable energy a more interesting proposition.

"Even during the winter we were able to make £180 and we're estimated to earn about £800 a year through feed-in tariffs."

Feed-in tariffs were introduced in April 2010.

It is a cash-back scheme which pays for every kilowatt of electricity produced, whether it's used or not

Over a guaranteed 25-year period, those with panels can expect to generate a significant income and once the savings in electricity are taken into account, the panels will pay for themselves in less than ten years.

The scheme works by paying a fixed amount for all electricity produced, with a further, lower payment being made for 50 per cent of the energy which is then sold back to the national grid.

Dr Martin said: "Renewable energy works well as both a green option and as a good investment.

"The sums certainly add up, especially with the price of gas and electricity rising all the time.

"I do feel smug that I am generating my own hot water and electricity and producing your own does make you more mindful of how much you're using. As a family we've certainly become more conscious of our usage.

"Nationally energy security is a real concern so any independence I have from the national grid makes me feel better."

MG Renewables co-founder Martin Dowd believes rising energy costs, coupled with the incentives on offer, will lead to more people looking at their energy options.

He said: "Prices are going up steadily and at the moment, show no sign of slowing down.

"Home owners are really suffering as a result which is why so many are thinking about the alternatives.

"Solar panels and solar thermal are a great combination.

"The former generates electricity and the latter hot water.

"During sunny conditions the average home can produce a fair amount of their daily requirement, meaning a saving on energy bills as well as earning money through the incentive scheme."

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