Feed-in Tariffs set to stay until 2013
Feed-in Tariffs are set to stay until 2013 and the Renewable Heat Incentive will be introduced next year
Following the spending review today the Chancellor has stated that the Feed-in Tariff (FIT) rates would remain untouched until 2013. He also declared that the Renewable Heat Incentive (RHI) would come into effect next year.
“It’s great news for the people embarking on renewable projects on their farm or ones that are in the process of doing so. It really will give a welcomed boost to the industry and encourage a number of others to seriously consider the opportunities now whilst there is time,” says Sarah Wells, Business and Energy consultant for Herefordshire-based 7Y Energy.
“And for many large scale renewable installations it will give them the confidence to complete their project,” she adds.
“All in all the message is clear: Now is the time to get your renewable energy project moving,
“2013 is not far away and it would be a shame to miss out on the rates which are currently available making payback rates a very attractive investment.”
“There will be a large sigh of relief from many of our clients who have been waiting for today’s confirmation on the RHI before starting their biomass project,” says Miss Wells.
She also warns that although the RHI has been confirmed today there are no details on the level of payment and careful analysis would be needed. Ultimately, it should again be looked at as an opportunity to generate your own heat, particularly those with land and who are able to grow their own wood fuel.
Overall Miss Wells claimed that the announcement today really demonstrated the Government’s commitment to generating power from renewables which had to be welcomed.
For further information on this press release please call Catherine Hughes on 07815 103855 or email catherine.hughes@7y.co.uk
