The Government’s Spending Review reveals good news for investment in renewable energy, including commitment to the existing Feed in Tariffs (FITs) and introduction of the proposed Renewable Heat Incentives (RHIs).
Jayne Carrick , Renewables Project Coordinator, gfw-Renewables
However the formal review of the FITs, due in March 2013, is likely to be more extensive than the existing proposals, so time is running out to benefit from the existing payments. Due to potentially time-consuming planning and grid connection issues, I would stress that immediate project initiation is therefore required to take advantage of the current tariff levels, which provide generous payback on investment.
Gfw-Renewables welcomes the continued commitment to the RHIs, representing £860 million of investment that is vital to encourage renewable heat generating technologies. However the level of the incentives are still not confirmed and we believe that investments will largely remain on hold until announcement on these payment levels is made.
The Green Deal, outlined in the Spending Review will facilitate finance of renewable energy solutions to more people from 2012. However, again we advise that preparation of such projects is initiated quickly so that investments can take advantage of the existing FITs as will as the Green Deal.
The Spending Review’s promise of significant investment of £200millliion in offshore wind manufacturing in the UK is also likely to benefit the country’s renewable energy sector as a whole, bringing cutting edge technology, innovation and skills.
It is also noted that the Carbon Reduction Commitment is also to be delayed until 2012, suspending this burden on businesses.
George F. White has offices in Alnwick and Tyne Valley in Northumberland, Wolsingham and Barnard Castle in County Durham, Bedale in North Yorkshire, Shiptonthorpe near York and Park Lane in London www.georgefwhite.co.uk.
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