Feed-in tariffs (FITs) implemented in the United Kingdom recently not only have resulted in a boom in solar installations, but will fuel the creation of thousands of jobs, according to data from solar company Engensa. Engensa’s report estimates that the new renewable energy policy will create 10,000 green jobs by early 2012.
The U.K.’s FIT, introduced in April 2010, allows companies to offer free solar installations, which can save consumers more than £200 ($300) a year in energy costs. The policy also gives homeowner the option to pay for their own solar panels, but then make money by selling back excess energy to the grid.
The program has proven popular with homeowners in the U.K., who have seen their electricity bills rise more than 62 percent over the last six years. According to the report, the first year of the FIT resulted in 70,000 solar installations. But consumer savings aren’t the only positives that are expected to come from the policy.
According to the report, an additional 50,000 jobs will be created by 2015 if installations cointinue at current levels. In addition, the solar industry is reportedly generating more tax revenue for the U.K. than is being paid out to run the program. Engensa forecasts up to £65 million ($101 million) in positive value for the period the will end April 2012.