Tax tips for energy savers

Go green and get money back!

When you’re looking from the outside in, going green can seem quite complicated, but in the long run its definitely worth it! It’s now possible to receive money from going green and making the correct energy saving/eco-friendly changes. In this we’ll be looking at the methods which save you money and get you money back!

Solar panels can generate you money

Now is a better time than any to invest in solar panels. Prices have almost halved since 2007; and if you happen to read up on the Feed in Tariff (FiT), you’ll find that it’s possible to receive money back from using solar panels, this scheme is called the Renewable Heat Incentive (RHI). This is possible by selling your excess generated electricity back to energy suppliers, by rewarding those who are generating their own electricity, which as it stands is currently 4.85p per unit of electricity.

However, to ensure that you are applicable for this, you will need/have installed a solar power system of at least 30kW. Also, if you invest slightly more by purchasing energy storage batteries, in the long run it works out better to store your energy using the batteries than selling it back to the energy suppliers.

Solar panels are not the only energy generation system that can make money, you can also use wind turbines and ground-source heat pumps.

Swap to energy efficient cars

Now this one could be costly, but if you need/have been thinking about getting a new vehicle, the government are offering a ‘plug-in’ grant where they reduce the amount you pay for a low-emissions vehicle. Each of the vehicles eligible has been put into one of six available categories, each offering a different amount depending on the emissions they produce.

Category one – £4,500
Category two – £2,500
Category three – £2,500
Category four (Motorcycles) – £1,500
Category five (Mopeds) – £1,500
Category six (Vans) – £8,000

However, for obvious reasons you are ineligible for the grant if you purchase any low emission vehicle over £60,000.

LED Lighting for businesses

This particular tip is only applicable for small to medium sized businesses in the UK, but if you can apply for this grant then take the opportunity. The Carbon Trust is offering up to £5,000 for an LED lighting government grant to help you become a greener business.

The Green Deal

If you happen to have a boiler that’s on its last legs, or you need insulation, ground or air-source heat pumps then this could be perfect for you. This plan previously ran between 2013 and 2015, but is coming back again at the start of 2018. It is supposed to work around how it previously ran, with homeowners applying for the energy saving loan, to then pay it back through their energy bills. This is a great way to get your household on the right energy saving path.

Free energy saving systems

If you are applicable for the Energy Company Obligation (ECO), then it’s possible to receive free insulation from your energy suppliers. The ‘big six’ energy companies all offer slightly different benefits, some offer free boilers or insulation, whilst others offer nothing. If it’s possible you’re applicable, then you’ll be receiving free energy saving products that could save you a reasonable amount of money over the years, so it’s a win-win.

All of the above provide homeowners and business owners with a great passage into becoming more energy efficient and eco-friendly; by taking advantage of some of the grants and loans that are present, and using generated energy to power your home for cheaper, and sell your excess electricity to the suppliers.