The news today is all about the high levels of inflation in the UK, the core CPI rate has risen to 4.2% for October 2021 as a result of price increases for used cars, gas/electricity and petrol amongst other things. It might be bad news for consumers but if you have solar panels with the Feed in Tariff it could be good news as your FIT rate will increase by a higher amount.
The CPI rate isn't the one used for calculating the FIT prices, it's actually determined using the RPI (Retail Prices Index) which is no longer consider an official statistic any more so is a bit harder to find. However if you search the ONS website you'll see that RPI for October was a staggering 6%.
If this stays the same it means that the FIT rate will increase from 56.03p per kWh to 59.39p per kWh in April.
If RPI increases further as is expected then we may breach the 60p FIT level. That'll help to offset the massive rise in gas and electricity prices we're paying!
|Good Inflation News for Solar! RPI Jumps in October|