Businesses should act now to benefit from a pro-renewables government
The new UK government, formed by the Labour Party in July 2024, has set an ambitious agenda for the future of renewable energy in the country. With a strong pro-renewables stance, Labour aims to turn the UK into a "clean energy superpower" by 2030. Central to this plan is the creation of Great British Energy (GBE), a new public body tasked with driving renewable energy projects and attracting investment in clean technologies, including wind, solar, and nuclear power.
Labour's broader sustainability goals include decarbonising the energy grid by 2030 and modernising infrastructure to support the growth of renewable energy. This is a significant departure from the previous administration, with Labour lifting restrictions on onshore wind projects and removing bottlenecks in planning processes. Businesses can now expect faster approvals for renewable installations and grid upgrades.
Avoid the bottlenecks
While many companies are awaiting specific details on new grants or subsidies, the government's clear direction indicates that substantial support is on the horizon. For instance, the GB Energy Bill introduced in July reaffirms the government’s commitment to fostering public-private partnerships in the renewable energy sector. Existing schemes, such as the Contracts for Difference (CfD) programme, continue to provide financial support for renewable projects, ensuring that early movers can still benefit.
Now is the time for businesses to take action. The new political landscape is creating a favourable environment for renewable energy, and waiting for specific incentives could lead to delays as demand surges.
By starting your business’ renewable journey now, you can be in a better position to avoid potential bottlenecks in supply chains and regulatory approvals. Reputable solar EPC’s (engineering, procurement and construction companies) will likely experience an in-flux of projects, so do not underestimate the value of selecting and engaging with your EPC now, to get your project into their planning and pipeline. RenEnergy’s Consultancy team can assist with services such as your energy strategy, feasibility studies and initial designs to ensure that you are ahead of the game should government incentives be announced.
What may be on the horizon
Many businesses are currently holding off, waiting for more detailed announcements about potential financial incentives. The key areas of focus include:
New incentives or subsidies: Companies are looking for enhanced subsidies, tax breaks, or grants to reduce upfront costs for renewable installations.
Support for energy storage: As battery technology becomes increasingly important, businesses are anticipating specific grants or incentives that target energy storage, a sector not yet comprehensively supported by the UK government.
Long-term energy pricing clarity: Many businesses are concerned about how renewable energy will interact with grid pricing and are seeking greater certainty around future energy costs.
Regulatory updates: Further clarity is expected around grid integration, capacity charges, and connections for renewable systems, especially as demand grows.
RenEnergy has a wealth of experience in project planning, the energy landscape, as well as the deployment of energy storage, so can empower you to prepare to benefit from these incentives.
How RenEnergy can help businesses to benefit now
Take a proactive approach to starting your renewable energy journey now. Here’s why:
Work with your preferred EPC: Once grants or incentives are announced, demand is likely to surge, which may lead to delays at reputable EPC’s as they will experience an influx of projects. Securing your installation with the best EPC now avoids this rush and ensures that you get a quality solution.
Positioning for the future: By planning renewable systems now, businesses will be ready to capitalise on any future grants or funding. Delaying could lead to supply chain issues and longer waiting times as demand increases.
Immediate savings on energy: With energy prices continuing to rise, businesses can make immediate savings by switching to solar power and energy storage rather than waiting for government announcements.
Existing schemes and financing: Current support schemes, such as the Smart Export Guarantee (SEG), provide returns for feeding excess energy back into the grid. RenEnergy can also help businesses explore financing options, such as RenFree, making solar installations affordable without needing to wait for government grants.
Compliance and future-proofing: Installing renewable energy systems now not only makes businesses more sustainable, but also prepares them for any future government regulations or carbon reduction targets.
Beat the rush
The UK is moving rapidly towards a renewable energy future, and businesses need to be part of that change. By acting now, companies can take advantage of current support, save on rising energy costs, and ensure they’re ready for any new opportunities that arise. RenEnergy’s Consultancy team can guide businesses through the process, offering expert advice and support to help companies benefit from solar energy and battery storage.
The time to act is now – don't wait for the rush. Start your renewable journey today with RenEnergy.