The Personal Investment
Guide to the Feed-In Tariffs
Introduction
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The Feed-In Tariffs were created, with crossparty support, to financially incentivise
investment in property-based renewable
energy installations, as well as smaller scale
standalone systems. They are designed to
stimulate the decentralised renewable energy
market into generating 8% of the UK’s energy.
This will significantly contribute to the country’s
Renewable Energy Directive target, a legally
binding target set by the EU, whereby the
country must increase the percentage of energy
generated from renewable sources from around
3% today to 15% by 2020.
To stimulate this investment, the Feed-In Tariffs were designed
to produce annual returns that would attract new entrants. As
such, the Feed-In Tariffs for renewable electricity generation are
structured to provide a 5% to 8% annual return depending on the
type of technology, scale and site specific factors. Since the FeedIn Tariffs went live on April 1st 2010, such returns have started to
be realised and there has been a surge of investor interest.
It should be noted that in April 2011, the introduction of the
Renewable Heat Incentive is due to begin. As the world’s first
payment scheme for the generation of renewable heat, it is
a ground-breaking initiative that is ideally suited to the UK’s
energy consumption requirements. It is designed to offer
even higher return than the Feed-In Tariffs, aiming to deliver
a 12% annual return. A further personal investment guide to
Renewable Heat Incentive will be published when the details of
the scheme are finalised.
Some key characteristics which make the FITs
extremely attractive to investors:
1.
2.
3.
4.
Exceptional returns
Low risk
Tax efficient
Inflation protection
The details of these unique characteristics are explained in
more detail later in this guide.
This Guide will explain how the tariffs work as an investment
opportunity, what investors need to do and provide examples of
the sort of financial returns that can be realised.
Brief introduction to the new Feed-In Tariffs
The Feed-In Tariffs will pay owners of renewable electricity installations a guaranteed
amount for every kilowatt-hour of electricity generated. Not only will owners of
properties with renewable energy systems get paid for the electricity they generate, but
they will also make a difference to the UK’s environmental sustainability.
It works as follows:
1. Get paid for the electricity you generate regardless
of whether you use in your property or sell back to
the grid
For more on how the tariffs work, the technologies that
are eligible and other rules and requirements, please see
the following resources:
2. Save money by reducing the amount of electricity
you buy from your energy supplier
Ownergy’s Simple Guide to the Renewable Energy Tariffs
www.ownergy.co.uk/tariffs/
Any property is eligible, although there are limitations
on the renewable energy technologies that are allowed
within the scheme and different sized systems receive
different payments per kilowatt hour.
Our dedicated Feed-In Tariffs Information Site
www.fitariffs.co.uk
The Personal Investment Guide to the Feed-In Tariffs
2
How the Feed-In Tariffs work
as an investment opportunity
....................................................................................................................................................................................................................................................................................................................................................
Scope
Large systems
The principle benefit of the Feed-In Tariffs is
that they are Government-backed investments
which will produce predictable annual
returns once the system is installed and
accredited. Most properties will be suitable
for one or more systems. However, different
characteristics of the property, such as roof
pitch direction and available land area, will
determine the levels of possible returns
(as explained below). In addition, the tariffs
encourage standalone systems which will be
suitable for larger scale investments.
For investors wishing to invest well over £100,000, a standalone
system will often provide the most straightforward opportunity.
These can vary from individual wind turbines or hydro projects,
to solar parks up to 5MW in size of which several are being
considered in the UK.
Investor’s home
As the income from the Feed-In Tariffs is Income Tax exempt if the
energy is mainly used within the property, the use of the investor’s
own property for the installation of the systems is tax-optimal.
Financial Returns: an investment of £15,000 in solar
photovoltaics would on average produce an annual financial
return of £1,350 for 25 years, before RPI-indexation. For an
investor within the 50% tax band, this will be worth 11% return
per year.
Landlords
Since the owner of the installation is the beneficiary of the tariff
income, a landlord is perfectly positioned to substantially enhance
their property investment or portfolio. Landlords can choose
to provide the energy for free as a rental incentive or calculate
higher monthly rents based on the in kind benefit the tenant will
receive.
Financial Returns: returns for larger systems vary quite
considerably depending on the technology type, location and
whether there is an onsite requirement for the electricity
* Please not that all costs given above are based on average installation
costs over the first six months of 2010.
Tariff lifetime
Different systems have different tariff
lifetimes based around the anticipated life
expectancy of the average system – see
table in appendix. This gives the investor the
flexibility to choose the pace of return and to
diversify the return horizon.
Investors should also be aware that for the Feed-In Tariffs,
degression applies from April 2012 onwards for new installations,
to offset anticipated reductions in technology costs. This means
that new entrants from that point onwards will be eligible for
reduced Feed-In Tariffs but returns should remain stable. For the
avoidance of doubt, all existing installations will be unaffected
and the payment guaranteed at the rate that applied when the
system was installed.
Financial Returns: the size of system could be similar to the
above for a three or four bedroomed home, but without the tax
exemption benefit, would produce a return of 8% per year.
Commercial
The larger size of the average business premises improves the
scope for investment and businesses have the advantage of being
able to write down their capital expenditure costs of the system.
Financial Returns: a £50,000 solar PV system on a
commercial premises would produce an income of
approximately £3,600 per year. A larger system gives the
advantage of economies of scale so a system costing
£250,000 would produce a total ROI of £562,500 for solar
PV whilst at a similar investment level form a wind turbine of
£225,000 would produce a total ROI of £820,000.
The Personal Investment Guide to the Feed-In Tariffs
3
Renewable electricity systems
eligible for the Feed-In Tariffs
....................................................................................................................................................................................................................................................................................................................................................
System selection
For the different bands of payment for each type of system, please see the appendix on page 11.
Examples of how tax relief would add further benefit are also included within the the appendix.
The below is a brief overview of the type of property that is suitable and the sort of returns that can be expected. For details on the
systems themselves, go to www.ownergy.co.uk/energy
PV
Solar photovoltaics (PV) are the most widely suitable of the
Feed-In Tariffs systems and have the longest tariff lifetime of 25
years. The optimum location is a south facing pitched roof with
no overshadowing. The level of investment is highly variable
from a modest £12,000 system for a three or four bedroomed
house to over £100,000 for a large system on the roof of a
commercial building.
Wind
The majority of wind turbines are only suitable for rural,
exposed locations. However, where a suitable site is identified,
the returns are among the most attractive of any of the systems.
The smallest practicable systems start at around £25,000 for a
6kW system and can return approximately £60,000 over the 20
year tariff lifetime.
Hydro
In early 2010, the Environment Agency identified 30,000 sites
across the UK that are suitable for small-scale hydro schemes
that could be considered under the Feed-In Tariffs. Sizes of
system and associated costs are almost entirely locationspecific, but they have the benefit of producing very steady
electricity generation. Example figures for a 25kW system,
for example, are £200,000 capital cost and annual return of
£15,000 per year for 20 years
Anaerobic Digestion
Whilst the only properties that are suitable are those with
substantial on-site organic waste or low cost produce, such as
a farm, anaerobic digestion is likely to improve considerably
as an investment opportunity. Currently producing one of the
lowest annual returns under the Feed-In Tariffs, the Coalition
Government has indicated a strong desire to stimulate
investment in anaerobic digestion and so it is expected that the
payment rates will be revised upwards.
Combined Heat & Power (CHP)
At the moment only small trial systems are eligible under the
Feed-In Tariffs, as such it is possibly too early to say what the
final return will look like.
The Personal Investment Guide to the Feed-In Tariffs
4
Financial returns
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The Feed-In Tariffs scheme has been designed to deliver owners of eligible installations with a Real
IRR (Internal Rate of Return) of 5-10% over 20-25 years.
Index linked
In addition, the Feed-In Tariffs are Indexed-linked (to the RPI) and the nominal returns, in the presence of inflation, will therefore be
higher – i.e. with average inflation at 2%, the nominal IRR should be in the range of 7-12%.
Note that average annual RPI inflation since January 1980 has been 4% (see graph below).
Annual RPIHistorical
InflationInflation
14.0%
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
Data source: Bank of England
Jan 10
Jan 08
Jan 06
Jan 04
Jan 02
Jan 00
Jan 98
Jan 96
Jan 94
Jan 92
Jan 90
Jan 88
Jan 86
Jan 84
Jan 82
0.0%
Annual RPI Inflation - Previous 12 Months
5yr Moving Average
Income Tax exemption
Where private homeowners install Feed-In Tariffs eligible systems mainly for their own use, the income will be entirely exempt from
income tax. To illustrate, for a homeowner paying a marginal income tax rate of 50%, and with average inflation at 2%, the Taxable
Equivalent Nominal IRR would be in the range of 9-13%
System
Solar PV
(25 years)
Wind turbine
(20 years)
Size
2kW
3kW
4kW
13kW
23kW
59kW
6kW
12.8kW
Cost
£10,000
£15,000
£20,000
£60,000
£100,000
£250,000
£20.000
£46,000
Annual Return
Total Financial
Return
£825
£1,350
£1,850
£5,300
£8,750
£20,000
£2,080
£7,210
£20,625
£33,750
£46,250
£112,500
£187,500
£450,000
£41,600
£144,200
IRR
8.5%
9.5%
9.8%
9.2%
9.1%
8.2%
10.2%
16.6%
Tax equivalent IRR
Tax equivalent IRR
Tax equivalent IRR
20% tax band
40% tax band
50% tax band
9.0%
10.4%
10.4%
10.1%
10.0%
9.0%
11.0%
18%
10.4%
11.8%
11.9%
11.5%
11.4%
10.3%
12%
20%
11.3%
12.8%
12.9%
12.4%
12.2%
11.1%
14%
22%
Important Notes
* All figures above assume that the system is connected to a property for use of the power as this maximises financial return.
* That returns on wind turbines are heavily affected by the quality of the site and the above figures should be seen as ‘optimal’.
* Equipment costs are constantly changing and the above represents an average for the first six months of 2010.
* RPI inflation is assumed to be 2%.
The Personal Investment Guide to the Feed-In Tariffs
5
Risk
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Political risk
Product risk
The long-term security of the Feed-In Tariffs as government
policy is protected within the Energy Act 2008 which received
cross-party support in Parliament. However, one of the principle
drivers behind the legislation was the legally-binding EU
Renewable Energy Directive which has set the UK target for
the percentage of energy generated from renewable sources at
15%. With only just over 3% of the UK’s energy generated from
renewable sources at the start of the decade – only Malta has a
worse performance – the UK has the toughest challenge of all
European countries.
The tariff lifetimes for each type of technology have been set to
reflect minimum levels of predicted failure. For example, most
solar PV panels will typically last over 30 years and so the tariffs
last only 25 years. That is not to say that every part of a system
will last the full tariff lifetime. In the case of the solar PV, an owner
should budget for inverter failure at least once within the 25 year
period. Similarly, some systems require more maintenance than
others especially where moving parts are involved such as for
wind or hydro turbines. Maintenance, extended warranty and
insurance schemes exist to mitigate these risks.
These targets are only the first step to overall 2050 ambition
to reduce European carbon emissions by between 80% and
95%. Given that the Feed-In Tariffs is one of the key schemes
designed to help meet these targets in the UK, any political
threat would be wholly self-defeating.
It should be noted that the only technologies to be included
within the Feed-In Tariffs were those deemed sufficiently mature
and able to offer predictable energy returns over the lifetime of
the tariffs. Furthermore, to safeguard the prospective owner/
investor of systems up to 50kW in capacity, both the installer
and equipment must be certified under the independent MCS
(Microgeneration Certification Scheme) to be eligible. The
installer and the technology are therefore deemed under
regulation by a Government agency, to be competent. Whilst
this does not provide absolute guarantees in such respects, a
clear attempt has been made to address and minimise the risks.
Liquidity risk
Renewable energy systems are semi-permanent physical
installations with little secondary trading value. It is imperative,
therefore, that one understands the very illiquid nature of this
as an investment. Once installed on the building, the owner is
committing to the full tariff period of 20-25 years to realise the
returns offered. However, the exceptions would be as follows:
a. The owner of the system can sell the ownership of the system
to another party along with the right to receive the Feed-In
Tariffs income should they wish and should a willing buyer
exist (quite possible once the market matures). The system
would remain in its originally installed situation.
b. The property (in or on which the system is installed) is sold
with the system along with the right to receive the Feed-In
Tariffs.
Credit risk
The Feed-In Tariffs scheme has been legislated by the UK
Government and in doing so the Government has mandated
the obligation to administer the scheme to both OFGEM and
to the Licensed Energy Suppliers. The Feed-In Tariffs are
funded by a Climate Change Levy which will be payable by all
traditional electricity consumers. Effectively, therefore, there
exists no known, material credit risk to the investor (as owner
of the system).
The Personal Investment Guide to the Feed-In Tariffs
Performance risk
The amount of income earned from the Feed-In Tariffs is
entirely dependent on the amount of electricity generated by
the renewable energy generating system. The variability is
mostly driven by weather conditions. However, in all cases, the
forecasted outputs of such systems [PV, Wind, Hydro] can be
estimated to a surprisingly high level of certainty. Naturally,
averages derived from actual long term weather data will not
yield exact predictions but they will be very close. As such,
the risk relating to system performance based on weather
conditions is very low.
For maximum return, the equipment must be running at optimal
performance. Regular annual checks are therefore essential to
ensure financial returns are maximised. The amount of work
required will, of course, vary between technology types.
Please note, however, that physical changes to the immediate
or surrounding environment do pose a real risk. For example, a
new building causing shading on a Solar PV array or a change
in control (by the Environment Agency) of water flow in a river
causing diminished performance of a hydro power plant.
6
Feed-In Tariffs as an Asset Class
....................................................................................................................................................................................................................................................................................................................................................
‘Feed-In Tariffs as an Investment’ is a novel
concept. However, savvy and professional
investors consider asset allocation in a broad
sense - in reality, not only are liquid capital
market investments considered, but also offmarket illiquid investments are as well.
For example, as part of a wider investment portfolio, an investor
would consider their allocation and exposure to physical
property when determining the asset allocation at the highest
level. In the same way, an investor should factor ‘Feed-In Tariffs
as an Investment’ in their asset allocation process.
1. Comparable Investments
Whilst other asset classes, such as corporate
bonds, might be a useful comparison to ‘FeedIn Tariffs as an Investment’, the most relevant
comparisons in our opinion, in the context
of risk characteristics (investment horizon;
inflation protection; and cash flow profiles) are
with Index Linked Gilts and Annuities.
Annuities
Annuities are generally pension income instruments with a life
term. Once purchased for a lump sum, say £100,000, a simple,
level annuity will pay a fixed periodic cash flow for the duration
of the holder’s life. Credit risk is immaterial due to substantial
pension regulation in the UK but significant interest rate risk
exists. Annuity payment levels (know as annuity rates) are
extremely sensitive to interest rates.
The chart below shows approximate implied nominal and real
(inflation adjusted) annuity yields offered by simple life annuities
since January 2000. The following assumptions are used in the
calculation of annuity rates: straight level life annuity for a male
aged 65 years with a life expectancy of 20 years. Similar to Gilt
yields, real annuity yields have trended lower over the past 11
years and, since January 2010, the implied real annuity yields
have been negative.
Annuities
- Implied
IRRs
Annuities - Implied
Yield
7.0%
6.0%
5.0%
4.0%
3.0%
Government bonds
2.0%
1.0%
0.0%
Annuities - Real yields
Jan 10
Jan 09
Jan 08
Jan 07
Jan 06
Jan 05
Jan 04
Jan 03
Jan 02
Jan 01
-1.0%
Jan 00
Long-term Indexed Linked Gilts issued by the UK Government
are a very good comparison to ‘Feed-In Tariffs as an Investment’
as the credit risk is entirely sovereign and because they also
offer real returns (yield) – i.e. are inflation protected. The chart
below shows the year-end 20 year Yields calculated from
Index Linked Gilts. As you can see, the real yields have trended
consistently lower since December 1997 and as at the end of
UK2010,
Gifts
20 Year
Yielda real yield of 0.97%.
May
UK -Index
Linked Real
Gilts offered
Annuities - Nominal yields
Data source: Office for National Statistic, Bank of England, Multiple Annuity Providers
UK Gifts - 20 Year Real Yield
In contrast, since the FITs are designed to offer real yields of
5-10%, there is a clear and substantial excess return available
for prospective FITs Generators. Further, as the base returns
would be relatively stable over the tariff period, it is our view
that the FITs offer the highest risk-adjusted expected returns
available across all asset classes over the long term. The table
below shows the expected real, nominal and taxable equivalent
returns offered by FITs as an investment.
3.5
3
2.5
2
1.5
1
0.5
Uk Gilts - 20 Year Real Yield
Data source: Bank of England
Dec 09
Dec 08
Dec 07
Dec 06
Dec 05
Dec 04
Dec 03
Dec 02
Dec 01
Dec 00
Dec 99
Dec 98
Dec 97
0
FITs Expected Returns
Real Return
Nominal with inflation = 2%
Taxable equivalent at 40% tax
Taxable equivalent at 50% tax
Range - Low
5.0%
6.8%
8.5%
9.4%
Range - High
10.0%
11.9%
14.7%
15.9%
Notes1. 5-10% is the base range of expected returns. In some situations, higher returns are
achievable
2. These are expected returns as the FITs are new and actual data is not available
3. Taxable equivalent returns are relevant for primary-residential FITs Generators
The Personal Investment Guide to the Feed-In Tariffs
7
Feed-In Tariffs as an Asset Class
....................................................................................................................................................................................................................................................................................................................................................
2. Diversification
In the world of finance, diversification aims to
reduce risk and/or increase expected returns of
a portfolio of investments by mixing investments
whose returns are not perfectly correlated.
Correlation - in this context- is a statistical measure of how two
securities move in relation to each other. When returns of two
securities are perfectly positively correlated (i.e. they move
perfectly in tandem and in the same direction), they have a
correlation co-efficient of one. When returns of two securities are
perfectly negatively correlated (i.e. they move perfectly in tandem
and in opposite directions), they have a correlation co-efficient
of minus one. When returns of two securities move completely
independently of one another, they have a correlation co-efficient
of zero. Zero correlation investments provide the maximum
diversification benefit by improving the risk/return trade-off.
The table below shows the approximate correlations between
major asset classes over the period 1988-2007. It is also worth
noting that during the recent Credit Crisis, correlations between
major asset classes increased dramatically and, in doing so, the
benefit of diversification was massively diminished.
Understanding the factors which affect the returns from ‘Feed-In
Tariffs’ will aid understanding in how and why adding this to an
investment portfolio (so to speak) would yield near-maximum
diversification benefit by substantially increasing expected
return whilst, at the same time, substantially reducing risk of the
investment portfolio . Furthermore, the correlation of FITs with
other asset classes would remain stable, at or very close to zero,
regardless of movements in the capital markets.
In practice, it is very difficult to identify investment combinations
where a true-zero correlation exists. Therefore, in reality,
investors look for correlations as close to zero as possible when
seeking maximum diversification.
UK Equities
International
Equities
UK Treasury
Gilts
Index-Linked
Gilts
0.44
0.35
0.50
0.03
Near Zero*
0.08
0.21
-0.36
> 0*
0.84
0.15
> 0*
Property
Cash
FITs
UK Equities
International Equities
UK Treasury Gilts
Index-Linked Gilts
Property
Cash
FITs
0.87
0.29
0.41
0.55
0.16
Near Zero*
0.84
0.15
> 0*
> 0*
Data source: FTSE, Iboxx, Bank Of England
* estimated
The Personal Investment Guide to the Feed-In Tariffs
8
What you need to do and FAQs
....................................................................................................................................................................................................................................................................................................................................................
What you need to do
FAQs
What happens if I sell my property?
1. Consider the size of investment you are
prepared to make
Different systems or combination of systems require different
levels of investment. The lowest practicable investment would
be around £12,000 but £multi-million investments are being
made in either standalone systems such as solar parks, or on
multiple property portfolios.
The tariff income will pass to the new owner. Analysis is being
carried out to determine what the positive impact on property
prices will be, but this work will take some time to conclude as
the Feed-In Tariffs are so recently introduced.
Who makes the Feed-In Tariffs payments?
Your energy supplier will make the payments with the money
coming from a levy off everyone’s electricity bills.
2. Identify the required properties or site
Are there grants available?
In general, your own home will be the best place to start due to
the tax exemption benefits. Beyond that, it will be a mixture of
factors such as whether you are landlord, a business owner or
the size of the investment you are considering that will dictate
the type of property or site that would be most appropriate.
3. Seek expert advice
Both of the above steps are best done by industry experts to
ensure that the optimum financial returns are achieved. For
most investments, especially for larger systems, ensure that any
third party advisors are well versed not only in the renewable
energy systems being considered but the specifics of the FeedIn Tariffs and Renewable Heat Incentive which are relatively
complex. Be aware that for all systems sub-50kW in size, both
the equipment and the installer must be MCS certified. Above
that level, ROO-FIT registration applies.
Ar
Wouldn’t it be better to wait for the equipment to
get cheaper?
No, the Government has taken this into consideration and that is
why degression has been introduced (see page 3).
Can I claim the tariff income if I install a system in
someone else’s property?
Yes, the Feed-In Tariff rules allow for third parties to be
assigned the tariff income. Whoever is resident in the property
would then receive either the generated electricity for free at a
price agreed with the system owner.
Doessthe
system
have to provide power to a
ra
f gua
arif
tproperty?
d? Wh
ee
o
nt
pa
Please also bear in mind the fact that degression will reduce
returns from installations made after April 2012 under the Feedhe
In Tariffs.
et
All central Government grants have ceased. Some grants
are available at a regional or local level but there are many
restrictions about how these can be used.
No, you can have a standalone system that purely provides
power to the National Grid and therefore receives the minimum
3p/kWh additional export.
ys
a
,c
t
The system owner will not be able to claim any n
a export tariff as
grid connection is required for this to happen.
en Additionally, the
t
a
system owner will have to apply to any of
m the tariff licensee
energy supply companies (any of the
I a big six for example) who
?
will be obliged to administer the
me tariff income payments.
o
h
Wh
e
t if situation
I mov regards financing?
What isathe
enefit?
r
fo
t
he
at do I
do
Wh
ll b
What happens if the property is not connectedtito
s
the National Grid?
nI
if
tar
if fs?
m
y
ho
e
us
is
lis
The larger the scheme, the easier it is get financing. Consumer
financing for smaller schemes is also beginning to emerge as
financial packages.
ted
o
rh
as
ot
t
her planning restric
The Personal Investment Guide to the Feed-In Tariffs
9
Who we are
....................................................................................................................................................................................................................................................................................................................................................
We are the UK’s leading experts on the Feed-In
Tariffs and Renewable Heat Incentive. In this
capacity, we select, design, install, manage
and finance tariff-eligible renewable energy
systems of all sizes and on any type of property.
Our customers range from single system PV
installations on domestic properties up to large
£multi-million standalone systems.
The Energy Selector
For property-based investments, our online Energy Selector
provides our customers with a thorough report on which
systems are feasible, how much they will cost and what the
financial benefit will be under the Feed-In Tariffs and Renewable
Heat Incentive. There are two versions of the Energy Selector
– residential for domestic properties and non-residential for
commercial properties such as farms, industrial units, office
blocks or hotels, as well as for public buildings such as schools,
hospitals, churches and halls.
The Personal Investment Guide to the Feed-In Tariffs
Design and installation
Regardless of the size of the installation, type of technology
or location of the property, Ownergy will select, design and
manage the installation. We ensure the eligibility and warranty
of the system to both meet the property’s energy requirements
and provide the maximum financial return.
Management and maintenance
Ownergy’s ongoing management and maintenances service
maximises the efficiency of our customers’ renewable energy
systems to ensure the highest levels of financial return. This
includes the negotiation of higher export tariff rates through the
aggregation of our customer’s surplus energy.
Project delivery
For large standalone systems or multi-property investments,
we are able to provide a complete end-to-end service from
feasibility and design, to installation and ongoing system
management and maintenance.
10
Appendix - Tariff Tables
....................................................................................................................................................................................................................................................................................................................................................
Energy source
Scale
Generation tariff
(pence/kWh)
Duration (years)
Anaerobic Digestion
Anaerobic Digestion
Anaerobic Digestion
Hydro
Hydro
Hydro
Micro-CHP
Solar PV
Solar PV
Solar PV
Solar PV
Solar PV
Solar PV
Wind
Wind
Wind
Wind
Wind
Wind
≤500kW
>500kW
≤15 kW
>15 - 100kW
>100kW - 2MW
>2kW - 5MW
<2 kW
≤4 kW new
≤4 kW retrofit
>4-10kW
>10 - 100kW
>100kW - 5MW
Standalone
≤1.5kW
>1.5 - 15kW
>15 - 100kW
>100 - 500kW
>500kW - 1.5MW
>1.5MW - 5MW
11.5
9.0
19.9
17.8
11.0
4.5
10.0
36.1
41.3
36.1
31.4
29.3
29.3
34.5
26.7
24.1
18.8
9.4
4.5
20
20
20
20
20
20
10
25
25
25
25
25
25
20
20
20
20
20
20
The Personal Investment Guide to the Feed-In Tariffs
11
Get started, complete our Energy Selector and
find out how your property could benefit from the
Feed-In Tariffs and Renewable Heat Incentive.
Designed by 2Cs.com
Go to www.ownergy.co.uk
and click on Energy Selector.