According to a new model released by Engensa, if the UK feed-in tariff (FiT) is maintained at the current rate it will create over 10,000 jobs by early next year. Engensa figures also reveal the total boost to the UK economy between April 2010 and March 2012 is set to sit at £65.5 million.
Since its introduction in April 2010, the FiT has spurred more than 70,000 installations in the UK, resulting in thousands of jobs to install, sell and maintain solar photovoltaic (PV) systems.
Under the current version of the FiT policy, companies can offer free solar installations to homeowners – saving them around £200 on their annual energy costs. Even those who choose to pay for solar panels for their homes can receive an income by feeding excess energy back in to the National Grid.
Toby Darbyshire, CEO, Engensa said: “As the Department of Energy and Climate Change (DECC) prepares for a FiT review, expected to take place this month, this new research provides evidence that supports the positive impact this policy has on the economy and employment sector.
“Threats to slash the feed-in tariff by more than 25% would suffocate this blossoming industry and cost the UK government untold billions in unemployment insurance, increased fuel poverty subsidies and the consequences of an aging energy infrastructure. Supporting the FiT is a no-brainer for economic growth and a healthy future.”