Why cheaper oil doesn’t offer long-term peace of mind

The dramatic and rapid drop in the price of oil has been described by experts as an ‘oil shock’. At EnergyMyWay we see it as further proof, where the world’s most influential single commodity is concerned, that anything can happen.

Many of our customers asks us for our predictions on future oil prices, when comparing their heating costs to biomass boilers or heat pumps. All we are able to guarantee is uncertainty.In fact, a BBC Inquiry programme, which interviewed a panel of leading experts on this subject, concluded the one thing they all agreed upon was the volatile and unpredictable future for oil. In conclusion the programme stated that ‘guessing the future price of oil is a fool’s game’.

Renewable energy offers greater price stability and reduces carbon emissions

In the past 5 years, the price of wood pellets, used to fuel biomass boilers, has fluctuated by no more than 3%, whereas the price of oil has seen fluctuations in excess of 130%. There is an abundant global supply of renewable, sustainable wood pellets and an anticipation of higher demand driving prices down as more people switch from oil to biomass.

As well as more reliable pricing, biomass boilers and heat pumps offer a cleaner, greener way to heat your home or business as they are carbon-nuetral technologies.

Renewable Heat Incentive pays you to switch to cleaner, greener heating

For both homes and business, the government is handing out generous financial incentives to anyone switching to biomass or heat pumps and away from fossil fuels. The Renewable Heat Incentive is designed to cover the costs of installing renewable energy heating and, in the case of businesses, to offer a revenue stream for a guaranteed 20 years.

At EnergyMyWay we help businesses and homeowners to access the Renewable Heat Incentive and to install reliable and sustainable renewable heating systems.

Why now is the time to switch to renewable energy

For anyone considering renewable heating such as heat pumps or biomass boilers, now is the time because the government incentives are higher than they will ever be and are anticipated to drop over the course of the year. The Renewable Heat Incentive was designed to kickstart the demand for biomass and heat pumps by offering very generous payments to those who act quickly.

Like its sister scheme, The Feed-in Tariff, which rewards users of solar electricity, the Renewable Heat Incentive rates are scheduled to digress on a quarterly basis. The next rate review will be on 1st April 2015, so our advice is to install your renewable energy heating as soon as possible and lock in the higher rate, which will then be secured for the duration of the scheme.

Talk to us about renewable energy for your home or business

For free advice or a survey of your property, contact your nearest EnergyMyWay, or call 0870 371 3181.



James Eades

By: James Eades

Operations Director, James Eades is EnergyMyWay's in-house expert on renewable energy policy, microgeneration technologies and best practice in the renewable energy industry.