Mar 8 2010
According to Sharp, the largest manufacturer of solar panels in Britain, the demand for solar panels is set to zoom by as much as ten times in the next two years, the key driver being the Clean Energy Cash Back scheme from the government.
Andrew Lee, general manager in Sharp, is anticipating an increase in the number of households equipped with solar panels to 250,000 from the current 28,000 by the end of December 2011. By the end of 2014, about 400,000 homes will be equipped with solar panels, he said. During the period, the company is confident that about 30,000 jobs will be created, Lee added. Over the next 25 years, over 800,000 homes may be equipped with solar panels, according to the forecast by the Department of Energy and Climate Change.
The government has launched incentives last week to promote renewable energy such as feed-in-tariff as well as easily attainable loans through which solar panels, mini turbines and other green products can be purchased by homeowners. The cost of a solar power system for an average home is between £8,000 and £14,000.
Homeowners in the country can borrow at preferential rates from electricity providers from 2012. According to Sharp, a homeowner can repay the loan within ten years. Since homeowners can sell surplus electricity generated from their system to the National Grid from 1st of April, they can make a profit of £36,000 over a period of 25 years. Average households can see an annual reduction of electricity bills through the solar system and also can sell the excess electricity and earn approximately £900 per year.
In the British solar market, Sharp holds nearly 40%. The company manufactures more than million solar panels at its Wrexham’s plant and about 98% of them are exported.