New payment by EON for 2nd quarter 2011

This morning I have received another set of FIT from EON for generation between 25th Jan 2011 to 25th April 2011.

The paperwork contained two letters, one for the old tariff rate of 42.8p/kWh and the other for the new rate of 44.85p/kWh.

The first payment is for 488 kWh between 25th Jan 2011 to 30th Mar 2011 = (488 x 41.3) + (0.5 x 488 x 3) = £208.86

The second payment is for 188 kWh between 1st April 2011 to 25th April 2011 = (188 x 43.3) + (0.5 x 188 x 3) = £84.31

This makes a total of £293.17. 

New meter reading to the electricity company - Pay back in 12.3years

This morning I have submitted the latest reading to EON of 1057.3 kWh.

Since the installation went live on the 19th Oct 2010 this equates to 5.62kWh/day for 188days. The previous readings so far have been

11th Mar 2011 (589.7kWh) gave an average of 4.12kWh/day.
29th Jan 2011 (381.72kWh) gave an average of 3.74kWh/day.
2nd Dec 2010 (198kWh) gave an average of 4.71kWh/day.

If 5.62kWh is applied for the whole year this would equate to 2051.3kWh.

At the previous rate of 42.8p/kWh this gives me £877.95 of money paid to me.

As I initially paid approx £10800 for the system completely installed I will pay off the system in 12.3years at the current rate of return.

The return on investment is approx 8.13% per annum.

This does not take into account any money saved by using energy generated during the day, or any increase in the rates paid to me.

First FIT payment from e.on

I have got my first payment from the electricity company.

I supplied a reading to them on the 25th January 2011 and I received a statement dated the 31st January 2011.

The reading was 381 kWh from the 20th October 2010.

The rate is 41.3p/kWh generated + 3p/50% kWh generated. The average rate is therefore 42.8p/kWh.

The total they're sending to me works out as £163.07p. This will be paid into the nominated bank account in 5 - 10 working days.

FIT plan accepted by E.ON

E.ON have now received the FIT paperwork for my PV system.

This means that they will now be paying me for generating power at The Swamp. This also means that I can pay the fitter the final 5% of the installation fee.