The UK’s renewable energy subsides to be capped at £200 million a year

Come autumn, a cap of £200 million in subsidies will be placed on all forms of renewable energy, which should have positive implications on funding for large-scale low-carbon installations such as wind farms and biomass burning plants.

The money will become available as a subsidiary to energy firms who can offer electricity at a lower rate of carbon emissions than fossil fuel generators. The funding will come from the governments new “contracts for difference” and will be paid for by levies on household energy bills.

Ed Davey, the secretary of state for energy and climate change predicts there will be up to 250,000 jobs in the energy sector by the end of this decade.

Mr Davey said; “by radically reforming the electricity market, we are making sure that decarbonising the energy sector will come at the lowest cost to the consumer”.  (quote source-

The market reforms are set to make only marginal savings for the consumer and their energy bills, 6% are the current predictions. These savings coming into play by 2030, still savings, no matter how marginal, are not to be sniffed at for the consumer, even if there is some waiting attached.