Why Time’s Running out to Get Fit
With the government Feed In Tariff scheme about to close to new registrations in April, eligible homeowners have just a few weeks remaining to register for the program before the final cut-off comes into effect.
This time of year you tend to hear a lot of talk about getting fit but the kind of fitness we’re promoting at Igloo doesn’t involve breaking a sweat or cutting treats out of your diet. Nope, our brand of fitness refers to the Government’s Feed In Tariff scheme, a programme introduced to help UK homes make the switch to small-scale renewable energy and low carbon technologies (such as wind turbines and solar panels).
But here’s the clincher; one of the greatest things about FIT is that it actually pays participants for the energy units they produce. So by generating your own energy, via solar or wind power, the government will give the agreed rate of payments to you. A little thank you, if you will, for adopting the technologies and going a little greener with your energy supply.
What’s more, it costs you absolutely nothing to get set-up on the FIT scheme. So not only can you save money on the regular cost of running appliances and heating your home, you’ll also get paid for the privilege of doing so too.
So, How Do You Earn Money Through the Fit Scheme?
FIT both saves you money, and helps you earn it, by decreasing the cost of your energy bills and paying you a monetary amount for every unit of renewable energy your household generates.
Premises that take part in FIT have what’s called a generation meter installed and in some cases an export meter too. These FIT specific meters record the amount of energy being produced in your home and you’ll need to record and submit the readings periodically to your energy supplier, who’ll then credit your account with the value of the energy units you’ve generated.
If you’re one of our Igloo Pioneer Account holders, these payments are also subject to our 3% interest on account balances too – meaning you stand to earn even more money.
That’s what commonly known as a win-win scenario.
FIT payments are calculated based on two factors:
The number of units your renewable tech generates
The units of energy you export to the grid for your neighbours to use (this is where the export meter comes in if you have one).
If your household is fitted with both a generation meter and an export meter your payments will be calculated to the exact amount of energy you generate as well as export out.
If you don’t have an export meter, then your export will be deemed by the government.
Sounds Great. So What’s All This About the FIT Scheme Ending?
The scheme isn’t ending as such. But the government have brought in a deadline for new registrations – the 31st of March this year. This means that eligible households now have just over one month to apply for FIT before the cut-off point comes into effect and new applicants will no longer be accepted.
Am I Too Late to Register for FIT?
The FIT scheme will stop accepting new applications from April 1st 2019, so there’s still a little time left to get your registration in if you’re one of the UK households eligible for the program.
To qualify, you need to have a form of renewable energy installed at your home by a MCS-certified installer (using MCS-certified equipment) on or before March 31st 2019. If you meet this criteria you can then apply for FIT up to (and including) March 31st 2020, but you must have a commissioning date for your MCS-installed renewable tech that’s either on, or before, March 31st this year, to be eligible.
If this is you, and you also happen to be one of our lovely Igloo energy customers, you can download your FIT application form at the bottom of this blog post.
I’m Already FIT Registered; Does This Mean My Payments Will End in April?
Rest assured your payments will continue as normal if you’re already part of the FIT scheme so there’s no need to panic (or do anything at all for that matter).
The March 31st cut-off only applies to new registrations, so if you’re already set-up with FIT fear not – nothing will change for you come April 2019. You’ll still receive your payments for the duration of the support term you were offered when you signed up (usually 20 or 25 years).
Existing Igloo FIT customers won’t be affected in any way whatsoever. You’ll need to keep sending us readings, and we’ll keep reimbursing you in account credit for what you’ve earned – just like clockwork.
Can I Switch My Energy Supply If I’m Registered with Fit?
Yes, even after the April 1st 2019 FIT cut-off, you can still switch to a new energy supplier that supports the FIT scheme.
If you decide, for example, to switch to us not only will your FIT payments continue as normal but you’ll also receive our 3% interest reward* on top too – just one of many incentives we offer our customers at Igloo (we also like to keep our energy tariff super competitive too).
As a bonus, whenever a new FIT payment gets paid into your account, we’ll send you a friendly email to keep you in the loop. That way you can easily monitor the amount of money your renewable energy is earning. Plus, with our Igloo app or online customer portal you’re also free to check your account balance at the touch of a button too, so you’re never in the dark about what’s going in – and out – of your Igloo energy account at any given time.
We like transparency a lot.
How Can I Switch to Igloo?
We’re glad you asked.
Switching your energy to us is easy. In fact, you don’t really have to do anything besides let us know you want to come aboard. We’ll pick up with your old supplier to get the handover formalised, so you don’t have to have the awkward ‘Dear John’ conversation with them directly.
There’s no minimum terms with us, or any exit fees, so while we hope you see the value in what we do (and want to keep your energy supply with us in the long term) we’ll always let you walk away at any point.
We don’t believe in holding our customers hostage.
So, to switch your energy supply to us fill out these forms and email them to us at email@example.com.
You can also use the same email address to contact us if you have any questions, or alternatively feel free to give us a call using the number here.
For a more general guide to FIT, and the eligibility criteria you need to qualify, the official government website gives this great overview: https://www.ofgem.gov.uk/environmental-programmes/fit/about-fit-scheme
And if you don’t qualify for FIT, but you still like the idea of making money back on your energy each month, you can still save up to £170 a year by switching your energy supply to us, as well as qualifying for our 3% reward on account balances. To find out more, simply enter your postcode on our website by clicking here.
*3% interest reward eligible on credit balances up to a maximum of £1,000.