Fair price for solar energy buyback

The Issue

Energy companies will pay up to approximately 5.5 pence per unit of solar that is transferred from solar panels on a house back into the national grid. 

Homes are currently paying approximately 28 pence per unit for electricity they use. This figure is going to increase again in October. 

At a time of record prices and record profits - this sees energy companies making over 500% per unit of electric generated by private individuals, where the cost of production is unrelated to oil and coal prices, and the production cost is taken on by the individual not the company.

I propose that the amount paid by electric companies for unit of electricity should be proportional to the amount they charge per unit, set at a fair rate by an independent party, but should be no less than 50% of the retail price charged by suppliers.

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The Issue

Energy companies will pay up to approximately 5.5 pence per unit of solar that is transferred from solar panels on a house back into the national grid. 

Homes are currently paying approximately 28 pence per unit for electricity they use. This figure is going to increase again in October. 

At a time of record prices and record profits - this sees energy companies making over 500% per unit of electric generated by private individuals, where the cost of production is unrelated to oil and coal prices, and the production cost is taken on by the individual not the company.

I propose that the amount paid by electric companies for unit of electricity should be proportional to the amount they charge per unit, set at a fair rate by an independent party, but should be no less than 50% of the retail price charged by suppliers.

The Decision Makers

Rt Hon Greg Hands MP
Rt Hon Greg Hands MP
Minister for Energy Environment and Climate Change
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Petition created on 15 June 2022