The payback period is 25+ years, help!
There are a few things that can help with the payback period. The payback period is a calculation done that plots the benefits of the system against the costs. Therefore, to improve the payback period, you either need to reduce costs or increase the benefits, there are a few ways to do this:
- Check tariffs are correct: tariffs are input into Easy PV in p/kWh, not £/kwh, so make sure your tariffs are in the correct units.
- Add export tariff: navigate to the financial task, select the pen icon in the top right, under self-consumption, you can edit the import tariff (electricity costs for your customer). You can also specify the export tariff in this section for excess energy that is sold to the grid.
- Add batteries: this will increase the initial investment required but will allow the customer to store energy produced from peak times in the day to be used later.
- Factor in off-peak charging: if your system has a battery, you can estimate the benefits of off-peak charging and add this as an 'additional saving' in the financial task.