It now appears the government has a resurgent appetite for renewable energy and large scale solar power projects are back on the agenda as a necessary fixture to prevent any subsequent failure to meet emission targets as well as prevent any future blackout situations. For a while there were very contentious attitudes towards the government and their failure to disclose their long term objective, however their has been nothing but positive figure that have recently been published by the Renewable Energy Association (REA).
How Solar Investment Is Expected To Grow
Although being downplayed over the last 12 months due to government investment one area that has to be acknowledged is the amount of private investment within the sector. Over the last 4 years there has been close to £30 Billion in private investment into renewable energy with wind and solar panel power being the main benefactors. But what was notable form the report is the predicted investment that is expedited to come from private investment in the coming years with REA stating that over £60 Billion is expected before 2020.
What Will Development Of The UK Market Represent
Continued investment will represent a number of key factors long term to the UK none more important than looking to alleviate the amount the nation like many other relies on fossil fuels which will in turn help the nation to more severely reduce our CO2 emissions. This in turn will aid in the meeting of our EU target while the amount of investment may still not be able to remedy the current situation the country find itself in it will however give the UK a stronger chance of meeting goals. A more competitive energy market is key to the governments long term goals and such investment will be able to better facilitate this. Economically investment means jobs which in essence will mean lower unemployment and greater GDP; thus such an aspiring renewable energy market has many pluses which the UK government will look to help facilitate to occur.
£65 Billion By 2020
This is the figure being predicted by REA as the expected amount of investment the renewable industry is set for pre 2020. It is the solar panel industry’s growth across all these areas that has seen the most increased growth with the report itself characterizing the growth of the industry as coming from nowhere. While there have been many issues within the market from changing incentives to lack of government interest one thing that can’t be ignored is that against all of this the industry has continued to grow and now is regarded as one of the leaders globally for R and D and as such has been building many relationships nationally. This has not gone unnoticed by the government who have been launching many funding drives to increase the productivity of the solar development industry further.
Will Solar PV Investment Grow Further
Given the amount of unprecedented focus on the industry this is likely to continue, especially given the governments claims for the future of the renewable energy. It’s not only solar panels that have been receiving impressive findings with the growth of renewable heating expecting to account for a third of all upcoming investment in the coming years. while this is a bold claim it is one area that has for a longtime been under invested in be it through lack of knowledge or understanding it is fair to say that investment in such areas as solar thermal has been under whelming. However given the governments and the DECC assertions that the RHI incentive issues has now been ironed out they are hoping for a far greater utilization of this domestically as well as an increased effort to promote bio mass and ground source to increase the renewable energy mix across the UK.