Support for the Renewable Heat Incentive in the Autumn Statement
The Chancellor’s Autumn statement on Wednesday provided some long-awaited reassurance concerning the future of the Renewable Heat Incentive (RHI).
The RHI has formed a central part in the Government’s carbon reduction policy, by incentivising investment in low carbon heating technologies such as biomass boilers and heat pumps. However, recently there have been concerns that, with pressure on departmental budgets, DECC would be forced to reduce or even renege completely on their commitment to the scheme.
With the UK currently on course to miss its 2020 carbon reduction targets, EnergyMyWay has been lobbying MP’s, Ministers and industry groups to highlight the importance of the scheme, and demonstrate how successful it has been at bringing real change to the way people heat their homes and business premises.
On Wednesday, George Osborne made a commitment to retain the RHI for the remainder of this parliament, and that the budget will be £1.5bn, a not insignificant commitment. However, he also pledged to implement reforms to the scheme, which will aim to reduce funding by £700m.
As yet we have not received any clarification on what shape these reforms will take, or what effect they will have on the RHI rates. We will be monitoring the situation closely and will provide updates as soon as we have them.
If you are considering renewable energy for your heating, such as a biomass boiler, air source or ground source heat pump, please contact your nearest EnergyMyWay for advice on the right solution for your property. Call us today on 0845 371 3181 or find your nearest office.
Read more about the Renewable Heat Incentive for home owners
Read more about the Renewable Heat Incentive for businesses