In today’s spending review speech the Chancellor confirmed the Governments commitment to the RHI (Renewable Heat Incentive) as well as the Green Investment Bank. This is good news for home owners and businesses who are considering installing renewable energy technologies however there was no detail given in the speech, and as with all political and legal matters the devils is in the detail.
The relevant excerpt from the speech is below:
“Yesterday, protestors scaled the Treasury urging us to proceed with our idea for a Green Investment Bank.
Mr Speaker, it?s the first time anyone has protested in favour of a bank.
We will go ahead.
I have set aside in this Spending Review £1 billion of funding for the Bank, but I hope much more will be raised from the private sector and the proceeds of future government asset sales.
The aim of all these investment is for Britain to be a leader of the new green economy. Creating jobs, saving energy costs, reducing carbon emissions.
We will also introduce incentives to help families reduce their bills.
We will introduce a funded Renewable Heat Incentive.
Our Green Deal will encourage home energy efficiency at no upfront cost to homeowners and allow us to phase out the Warm Front programme.
Overall, the total resource settlement for the Department for Energy and Climate Change will fall by an average 5% a year ? but there will be a large increase in capital spending, partly to meet unavoidable commitments on nuclear decommissioning.”
As soon as the detail is clearer it will be posted here.