A UK-based tech firm has said that the UK Government is letting down the solar energy marketplace through a lack of effective incentive schemes.
Manchester-based tech and blockchain firm, Energi Mine, said today that government figures show UK solar photovoltaics (PV) use is being “hampered” my “plummeting investment” due to government cuts to the Feed-in Tariff (FiT).
The company say predictions made during the 2016 cuts to the FiT have come true, with the UK seeing a seven-year low in solar installations, despite a 70% drop in total installation costs.
Omar Rahim, CEO of Energi Mine, said: “In the two years since the government cut the Feed-in tariff (FiT) by more than 60%, the number of new solar photovoltaic installations has plummeted from over 26,000 a month in December 2015 to less than a tenth of that two years later, just 2,422 in January 2018.
“However, at the same time we are paying more than ever for our electricity. Habitual change can only take hold if people are financially incentivised and rewarded. Much like the introduction of charges for plastic bags, financial rewards need to be introduced for energy saving behaviour to deliver the necessary results.
“From an environmental standpoint, while we are currently meeting our targets, we will see a deficit in our carbon emission goals by the late 2020s. This is not good enough and it is time for a radical rethink to get people to change the way they interact with energy, and the consequential carbon emissions, for the long term.”
UK Government figures show that in 2011, the typical cost of an installed 4kW domestic solar photovoltaic system was around £14,000, these can now be installed as little as £4,000 today.
Mr Rahim added: “Currently there is no way for an individual to sell their excess generated electricity to their neighbours. They have to accept a very low rate from the government instead which protects the big energy companies. This is effectively preventing the market from installing a very effective form of renewable energy which could be a good long-term investment.”
