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February may be a gloomy month for many, but with the government’s landmark announcement of 0% VAT on all battery storage systems, the sunshine has come early for those wanting to harvest their solar power.
In the article below we’ll outline why this is such a landmark offer that all homeowners should consider.
Homeowners have already been capitalising on 0% vat for renewable installations which was announced in the 2022 spring statement. However, this relief covered various aspects of energy generation such as solar panels and did not extend to battery storage.
Now however, battery storage systems get the tax relief treatment, and have had their VAT completely slashed to 0%. For domestic customers this means effectively a 20% discount and allows customers to not only generate electricity at a reduced rate but to also store it, providing a much more efficient home renewable energy system.
And given the ongoing savings the systems are able to offer, especially when connected directly to the grid and combined with a variable rate tariff (see below) this really is a fantastic opportunity to save money both in the short term and the longer term too.
If you're currently harnessing the power of solar panels through an existing system then you’ll already be enjoying the huge cost savings potentials. This only expands once you connect a battery storage option, as any excess power can be stored rather than wasted.
Thankfully, batteries retrofitted to existing systems are included within this scheme, so for homeowners with existing solar systems there really has never been a better time to upgrade to a comprehensive system which will provide many benefits to your home and family for years to come.
Whether part of a larger solar system, connected to the grid or both, a battery storage system provides homeowners with a range of benefits that once you experience you’ll wonder how you did without.
Perhaps the biggest gamechanger to your household energy bills battery storage can provide lies within it’s combination with a variable rate tariff with off-peak rates. Octopus Energy has established itself as a leading provider of such tariffs, ready-made for the renewable energy equipped home, with the Intelligent Octopus Flux tariff dedicated for such a purpose.
In a world where energy prices are at all time high, a smart battery system partnered with these tariffs allow you to store energy from the grid during off-peak times when energy is cheap, and then gives you the freedom to store and use this energy according to your normal daily use.
Another advantage of using battery storage systems are the backup capabilities given to your power supply. The Tesla Powerwall for example enables your home to keep running during a black out, with an almost instant switchover to stored energy. This is an undervalued feature by many until the point in which you need it, and in cases it can be truly life saving. This feature also makes battery storage essential for those in areas where power drop outs are a regular occurrence.
In addition to these benefits are the huge advantages and savings provided by battery storage systems when combined with a solar storage system as already mentioned. Firstly, energy will be stored rather than wasted, drastically increasing the efficiency and capacity of your existing system.
Secondly, the savings are also a huge attraction, with customers experiencing up to 90% reductions in their electricity costs. Given these savings and the government’s VAT offer effectively adding another 20% off the cost, it really does pay to invest in this technology in 2024.
More good news is that this scheme doesn’t only cover the batteries themselves, but the entire system. With 0% across the system as a whole this really does add up a monumental announcement from the government which is both great news for the industry and great news for all UK homeowners looking to save money, help the environment and add value to their home.
As Wales’ leading renewable energy installers, EV Wales have years of experience helping domestic customers up and down the country take advantage of cost-effective green energy systems. In light of the current scheme we’re urging all homeowners to consider taking advantage of this government announcement.
In most cases we’ll likely recommend customers combine a Tesla Powerwall battery system with an Octopus variable rate tariff as the savings are so unbeatable and customer feedback - we’re shouting from the rooftops about it! Each system uses a range of intelligent features allowing seamless integration for the savings to take care of themselves.
To reflect this we're offering a Tesla Powerwall 2 for only £8995 (VAT free!) fully configured and installed. To take advantage of this unprecendented offer, or to simply find out more, contact our team today - we’d love to talk with you.
As authorised Tesla installers our friendly team are able to consult with you to plan your perfect system, providing transparency to what is often a complicated topic. Our accredited installers will then be able to install the perfect system for your particular situation, ready for you and your loved ones to benefit from.
Unit 1, Bryn Farm
Llanmorlais, Swansea
SA4 3UQ
