The Way Forward Is Renewable Energy

By Leigh Teixeira

The renewable energy industry in the UK has continued to steadily grow. In 2011 renewable energy accounted for 9.4 per cent of the energy consumed in the UK and in 2012 this went up to 11.3 per cent.

In 2012, there were mixed feelings regarding the UK government’s Energy Bill. This caused debates amongst investors and commentators but, now it seems that the future of renewable energy will definitely be a bright one.

It appears as though many more businesses and land owners are seeing the benefits of renewable energy technologies. They tend to be spending a lot more money on reducing their energy consumption, cutting down on their need for fossil fuels, and thus reducing their impact on the environment.

This has proven to be very popular within farming communities where there a numerous opportunities to make strong investments in renewable energy.

RenewableUK says that a farmer can make money simply by using renewable energy. They estimate that this can range anywhere from a mere £12 000 a year all the way up to £50 000.

In July of 2011, NatWest announced the launch of their £50 million Renewable Energy Fund. The fund is dedicated to assisting businesses that are looking towards installing solar panels and wind turbines. Since its inception the interest in renewables has grown hugely.

Over the last year, NatWest has seen the average size of loans for renewable energy double from £250 000 to £500 000. This shows that there is a lot of interest in renewable energy technology and that businesses are clearly recognising its potential for profit. It also indicates that there is ongoing research and development of new technologies.

Regardless of most businesses’ reasoning behind investing in renewables, the interest isn’t likely to wane anytime soon. What is likely to change though, is how businesses intend to use the renewable energy or how they would implement it in their businesses, as technology changes and become more modern.

It is intended that at some stage fully renewable energy systems could be put in place that will provide electricity and heating to local authorities, schools, hospitals and perhaps even small industrial areas.

A spokesman from NatWest said they have conducted meetings to discuss opportunities for their communities to join forces with nearby land owners and farmers to be able to supply the entire village with energy. They expect to see results by 2015.

The spokesman believes that in the not too distant future there will energy systems that aren’t part of the National Grid. These systems will use fuel cells to store energy and ensure that there is a continued supply of electricity to prevent power outages, the sort that many in the energy industry have warned might be happening soon.

In the coming years more people will be aware of what would needs to be done in terms of renewable energy and how to go about moving forward.

At this point, should someone consider investing in renewable energy it is essential to work closely with someone who has experience in the industry. It is important to thoroughly research what opportunitiesthat are available and how to go about installing and running them in the most cost effective way.