Burnley, United Kingdom (PressExposure) February 16, 2012 -- Solar energy panel returns will be slashed under the cut to the Feed-in-Tariffs payments by more than half in March, unless homeowners can achieve a certain energy rating, resulting in an annual income dive from about £1100 to £500.
The Government's Feed-in-Tariff will drop from 43p for every kilowatt/hour to just 21p.
Ministers say the cuts are necessary because the costs of solar panels have plummeted in recent months.
The new rules follow an unsuccessful attempt to impose cuts last year that was judged unlawful in the courts.
Following the Government's unsuccessful attempt to impose solar energy cuts from December, installations up until March will be retrospectively lifted to 43p.
Although the Government does not pay renewable energy subsidies - they come out of a levy on energy bills - the Treasury has set strict limits on how much can be spent on them.
Climate Change and Energy Minister Greg Barker said: "My priority is to put the solar industry on a firm footing so that it can remain a successful and prosperous part of the green economy, and so that it doesn't fall victim to boom and bust.
'The plummeting costs of solar mean we've got no option but to act so that we stay within budget and not threaten the whole viability of the FITs scheme."
Installations after April 1 will only qualify for the Feed-in-Tariff if the property meets level D on an Energy Performance Certificates report.
From July 1 2012, the rate will be further reduced to between 13 and 17p.
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