EEC Accredited Center

The Renewable Energy Institute

Promoting best practices in renewable energy since 1975

UNIVERSITIES - ACCREDITED TRAINING - ONLINE LEARNING

Home » Renewable Energy News » How Generating Your Own Energy Can Earn You Money

How Generating Your Own Energy Can Earn You Money

By Fiona Jameson


When thinking of the best green products for the home, many householders consider whether something which allows them to generate their own energy might be a good idea. Solar panels, wind turbines or equipment to generate hydroelectricity are all very tempting options but how much money can they save you? The truth is that generating your own energy can actually earn you money as well as save it.

Are you looking to work in the renewables industry? The REI offers professional training courses which will give you hands-on knowledge on how progress your career in this expanding field.

The fact that these green energy devices are relatively expensive means that there is a lot of thinking to be done before investing in any of them. However, one issue that could make it a far easier is the FIT scheme. FIT stands for ‘feed in tariff’ and is a wonderful incentive for families to produce more green energy at home. If you have been thinking about buying electricity generating equipment but don’t know exactly how it benefits you, the following points should help explain it all.

Don’t Pay for Your Energy Energy efficiency labelling

Clearly the first benefit to generating your own energy at home is that you no longer need to pay for the electricity you use there. Upon first inspection, it might appear that the initial expense for the equipment makes it impossible for it to be cost-efficient. Having said that, in the case of solar panels some experts have worked out that the money you save on your bill could see them pay for themselves in 8 to 12 years. However this payback period is dependent upon a number of factors, such as the amount of energy produced by a house. This varies according to where the house is located and in which direction the panels are facing. The amount of electricity consumed in the house is also a big factor to be taken into account when you work out the potential saving. Wind turbines and hydro electricity generating machines can vary even more in the rate at which they save you money and let you recoup the initial investment. Some sources indicate that these can take between 5 and 10 years to pay for themselves while others are less optimistic. Regardless, the benefits of these systems for taking advantage of natural sources of energy are clear. However, choosing the right one for you will mainly come down to the initial cost.

Get Paid for Generating Your Own Energy

Another interesting benefit to generating your own energy is that you get paid by your UK energy supplier for every unit of energy generated at your home. This is a huge advantage under the FIT scheme and can lead to a big earning for homeowners who are able to generate a lot of electricity. With solar panels in particular now being less expensive than before this can result is a very attractive return in little time.

Read about how Solar Power is expanding on the Renewable Energy Market.

Rooftop solar panel Sell the Excess Energy to the Grid

What about those households where they generate more electricity than they consume? This is great news both for them and for the planet. The financial benefit in this case comes from the customer’s energy supplier buying the surplus energy off them. The amount sold on in this way depends upon how much is generated, but not used in the owner’s house. This means that the earnings can vary greatly from one house to another and from one year to the next. However, under the FIT scheme the energy supplier guarantees to buy this excess energy for the subsequent 20 years. This also means that the grid gets cleaner as more renewable energy is added to it, reducing the reliance on fossil fuels.

Who Can Take Advantage of This?

With more and more UK householders now taking advantage of this green energy scheme it is clear that it is an attractive option for many families across the country. Any family wanting to live a more environmentally friendly life while earning extra cash at the same time should be interested in finding out about this scheme. It is important to remember that the more energy the equipment can generate, the more money it will makes for its owners. This means that, as mentioned previously, it is a smart move to work out the most abundant natural resource in the area. Contrary to what some people think, a solar panel system can work very effectively in the UK. The country might not have a tropical climate or wall to wall sunshine but neither of these things are necessary to generate energy in this way. Even on a cloudy day they can produce energy if they are properly located. South facing panels are ideal but they don’t have to be placed in this direction if they can’t be. Of course, other parts of the country have everything necessary to provide plenty of wind turbine generated electricity or hydroelectric energy.

There are plenty of ways to save money on energy bills without having to invest lots on new technology. However generating your own energy by taking advantage of renewable sources will provide the biggest impact on your bills. It is therefore highly recommended that you consider this option to reduce your energy bill in the long-run.

As more people are opting for renewable energy options, there is an increasing demand for professionals with genuine knowledge in the area. Progress in the sustainable energy, receive training from one of our industry experts:

Please email training@renewableinstitute.org for more information on our courses. Alternatively, you can call us on +44 (0)131 446 9479.

Find out more about the training opportunities available to you, to make a successful career in Renewable Energy and Technology:

    New Global Survey launched by the Renewable Energy Institute