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Energy Bills

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Blotts Mate May 2024 9:12pm, 18 May 2024 3,830 posts	Quote Pin Blotts Mate We installed 10 panels, a 9.4kW battery and a Solic200 water heater on July. No gas or leccie import and export paid for standing charge and still in credit until put the heating on on December. Topped up the battery over winter with import between 2 and 5am with Octopus cheap rate. Massive fan of solar, far exceeded expectations
Muttley May 2024 7:07am, 19 May 2024 3,215 posts	Quote Pin Muttley HappyG(rrr) wrote:I'm getting 24p for export Muttley on Flux at peak. What tariff are you on then? G Bog standard Octopus Outgoing. I've looked at others and battery storage etc but the numbers don't add up for me. Yet.
Muttley May 2024 8:07pm, 21 May 2024 3,219 posts	Quote Pin Muttley I've just been filling in my tax return. I am right to assume that income from solar panel generation is not taxable, yes?
um May 2024 8:13pm, 21 May 2024 8,486 posts	Quote Pin um I've no idea Muttley. But I'd assume you have a lot of expenses to offset any 'profit' ?
HappyG(rrr) May 2024 9:12pm, 21 May 2024 50,049 posts	Quote Pin HappyG(rrr) Gosh I never thought of it as income Muttley. Just "offsetting" elec bills. And yes, not net income once yiu take into account cost of the setup. No idea if that is how tax man would see it though! G
Shades May 2024 7:53am, 22 May 2024 2,574 posts	Quote Pin Shades Worth checking Muttley, but I would guess as long as you don't resell to another party, such as a neighbour and you are not a business then no tax to pay.
Muttley May 2024 7:55am, 22 May 2024 3,220 posts	Quote Pin Muttley I bought the house new and the panels and all associated gubbins were part of the build so I've only ever thought of the export payments as a kind of extra goodie, some pocket money. But come to think of it, if I were to reduce my monthly DD they would merely pay for what I use. Anyhoo, I didn't declare them and I'll let you know if the taxman comes calling
um May 2024 7:58am, 22 May 2024 8,491 posts	Quote Pin um From a random solar panel advice site. I've yet to find HMRC details. This income is only exempt if the system is installed on or near a residence, and does not generate more than 20% in excess of the home’s consumption. This means a domestic property can generate up to 120% of the energy needed to run the home, and sell up to 20% excess energy without it becoming taxable. Even if the sales do become taxable, they could still be exempt under the £1,000 trading allowance. If your annual income from excess energy sales is more than this tax-free allowance, you must report it to HMRC, though you could still deduct the £1,000 from the taxable total.
Muttley May 2024 8:14am, 22 May 2024 3,221 posts	Quote Pin Muttley Now that's interesting, thanks um. My most recent statement says that from mid-April to mid-May I consumed 64 units and exported 317. By contrast, from mid-December to mid-January (so including the shortest days of the year) I consumed 113 and exported 2 units. On a sunny day I export 10 times or more what I consume. Without scanning all my statements for the past year, I suspect that with the disparity in import and export charges I'll still have to make a monthly payment although I could probably reduce my current DD. And as said before, I wonder how much longer Octopus will keep their export tariff unchanged as the import tariff gradually reduces.
HappyG(rrr) May 2024 8:29am, 22 May 2024 50,053 posts	Quote Pin HappyG(rrr) That's great um, thanks. Pretty confident I'm under 120% + £1,000! I'm earning about £100 a month net max for 6-9 months and rest of year our bills are still about £60 a month. It saves a lot and earns a bit and overall means we hardly use grid electricity at all except off peak 01.00 to 04.00. All of which I think is a good thing. G