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Economic Feasability

There are two primary reasons behind choosing to install renewable energy systems – the first (usually the main driver) is for ecological reasons, and second is for economic reasons: Consider it as ‘farming’ wind and solar energy.

Economic payback is defined as the number of years it takes to recoup the money that the system cost to install (and maintain) originally.

PV SOLAR SYSTEMS: The initial installation cost does not vary much from site to site (unless the roof is difficult or very high) and this is also true for the income earned - unlike the wind, the sun's irradience is quite similar over the year, within the same region (e.g. south UK, Midlands, North, Scotland etc).

Typical payback time tends to be 7-9 years (with existing Feed In tariff's.)

WIND SYSTEMS: Again, the initial system installation cost is very similar from site to site, however the income earned (directly related to electricity generated) varies considerably. For example a very windy site with a mean wind speed of 7 m/s will 'earn' twice that of an average wind site with a mean wind speed of 5 m/s. This obviously means that the economic payback time will be half...

Typical payback time can vary from 4-8 years (with existing Feed In tariff's)

Of-course the income generated (tax-free) by any renewable generator includes such things as:

  • Savings on bills;
  • Exported power;
  • Increased revenue (for businesses)
  • FIT's

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