navitron
 
Renewable Energy and Sustainability Forum
Welcome, Guest. Please login or register.

Login with username, password and session length
News: Anyone wishing to register as a new member on the forum is strongly recommended to use a "proper" email address - following recent spam/hack attempts on the forum, all security is set to "high", and "disposable" email addresses like Gmail, Yahoo and Hotmail tend to be viewed with suspicion, and the application rejected if there is any doubt whatsoever
 
Recent Articles: Navitron Partners With Solax to Help Create A More Sustainable Future | Navitron Calls for Increased Carbon Footprint Reduction In Light of Earth Overshoot Day | A plea from The David School - Issue 18
   Home   Help Search Login Register  
Pages: [1]   Go Down
  Print  
Author Topic: Hi! Looking to fit solar panels to my house but have a quick tax question first  (Read 798 times)
BillyP
Newbie
*
Offline Offline

Posts: 1


« on: May 10, 2018, 04:42:23 PM »

Hi! Hope you're all doing great Smiley Apologies in advance if this isn't the right place to post this, @mods feel free to move if there's a better place for my query.

Anyway onto my question - I will be upscaling and moving house fairly soon, and one of the houses we have been considering heavily has solar panels. I was wondering if they would affect my income tax in any way, as I've heard of people selling power to the grid - I know it won't be much, but I earn very close to the next up tax band according to this tax calculator (www.after-tax.co.uk/)and was wondering what happens to the money I make/don't spend with these panels would affect that at all. Hoping someone here will be in a similar situation and can give some advice as I'm completely stumped by this!

Thanks in advance Smiley
Logged
Westie
Sr. Member
****
Offline Offline

Posts: 459


« Reply #1 on: May 10, 2018, 05:03:28 PM »

Hi and welcome..

If the installation is Fits registered income isn't taxed, though there was no guarantee that it would remain so.

Hope this doesn't remind the Chancelor.   whistlie





Logged

4kwp south facing array  SMA 4000TL grid connected.  2x30tube Navitron solar thermal panels (east/west). Arada 5kw S/C WBS. 25000Ltr underground rain water tank. KTM E-Bike  Cool
BruceB
Hero Member
*****
Offline Offline

Posts: 1043


« Reply #2 on: May 10, 2018, 11:57:53 PM »

There is specific legislation that makes FIT and export earnings income tax free for most domestic installations.
Logged
todthedog
Global Moderator
Hero Member
*****
Offline Offline

Posts: 4019



« Reply #3 on: May 11, 2018, 06:37:19 AM »

Hello BillyP and welcome to the forum.

Logged
dan_b
Hero Member
*****
Offline Offline

Posts: 3534


WWW
« Reply #4 on: May 11, 2018, 08:56:06 AM »

Welcome - just to reinforce the posts above, the generation and export income paid from solar panels as part of the FIT is (currently) tax-free.
How big is the install? Do you know when it was installed and commissioned - as you might know, the FIT payment rate you get per kWh is highly dependent upon the month and year it was commissioned.  If it's an "early adopter" system, you can get earning 50p/kWh, which is a lot! 
Logged

3.06kWp SolarEdge system with a split array:
2.18kWp 10x South facing, plus 4x West facing 880W

Mk1 ImmerSUN DHW diverter
4kW PowerVault Battery
Quakered
Hero Member
*****
Offline Offline

Posts: 532


« Reply #5 on: May 11, 2018, 01:59:28 PM »

if was installed in the first year pf FITs then you are looking at 54.61p per KWH, tax free and index linked, but only for another 17 years!
Logged

Patrick

No, Sir, when a man is tired of London, he is tired of life; for there is in London all that life can afford
Westie
Sr. Member
****
Offline Offline

Posts: 459


« Reply #6 on: May 12, 2018, 05:58:05 PM »

if was installed in the first year pf FITs then you are looking at 54.61p per KWH, tax free and index linked, but only for another 17 years!

Actually the first fits contract was for 25 years, that was reduced  after 1 Aug 2012 to 20 years.
Logged

4kwp south facing array  SMA 4000TL grid connected.  2x30tube Navitron solar thermal panels (east/west). Arada 5kw S/C WBS. 25000Ltr underground rain water tank. KTM E-Bike  Cool
Pages: [1]   Go Up
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.20 | SMF © 2013, Simple Machines
SMFAds for Free Forums
Simple Audio Video Embedder
Valid XHTML 1.0! Valid CSS!