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Government Incentives

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As unemployment soars, UK debt worsens, GDP falls and British economy dwindles even further, one industry going from strength to strength is the solar industry. Providing thousands of jobs, as well as energy to thousands of households and businesses, it is supported by government incentives, encouraging the UK to go green. Government subsidies, mean people can save and even make money through the installation of solar panels via a number of schemes, including the Feed-in Tariff, Renewable Heat Incentives, Capital Allowance and Carbon Trust projects, rewarding those joining the plight of sustainability.

 

When the Feed-in Tariff (FiT) was introduced it offered consumers the opportunity to make money by selling excess energy to the grid at a high rate, guaranteed for 25 years. The popularity of the scheme soared and whilst the government’s budget was stretched, the demand for PV panels caused prices to decrease and budgets for technology research to increase. The competition has fuelled the industry. Whilst the government addresses the division of subsidies as energy rewards, the FiT still gives consumers an opportunity to actually make money by installing solar energy converters. Employed in many countries around the world, the FiT has given renewable energy generation massive appeal.

 

The Renewable Heat Incentive scheme (RHI) asks if: “You want to reduce your carbon footprint and your energy bills, become more self-sufficient in energy, and earn some extra income”. (Link:http://www.rhincentive.co.uk/) Introduced in 2011, the scheme, also set by the government, is supported by the Treasury and takes into account the degression of payments over the years. Signing up to the RHI, should allow you to pay back the costs of the initial installation over a given period. It’s worth verifying the insulation of your property or building to best take advantage of these schemes.

 

Capital Allowance is also enhanced by making the change. Where designated expenditure for solar panels, machinery and equipment is made tax deductable, making it more interesting for the corporate world to take part in the world of sustainability. Encouraging investment in renewable energy, the government have created two rates for businesses, to get the best from the new technology.

 

The CRC Energy Efficiency scheme (formerly the Carbon Reduction Commitment) is an obligation set by the government, for businesses to report their carbon emissions if and when over 6,000 MWh of electricity is used per year. By switching to cleaner energy options and reducing carbon output, fees for the pollution will reduce significantly and companies positions in the carbon league table can improve, boosting reputation and consumer desirability. In order to meet the proposal to cut “at least 4 million tonnes of carbon dioxide per year, by 2020″ (link: http://www.carbontrust.com/resources/reports/footprinting/carbon-reduction-commitment), the Carbon Trust want to reward responsible energy-generating businesses.

 

Find out how you can benefit from installing the latest in solar thermal equipment by contacting one of our team today.

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