£285 million fund for sustainable energy companies

New green power scheme from the government shows promising change, but can businesses keep up?

In 2021, it has never been more important to switch to sustainable energy sources. With the COP26 climate agreement taking place in Glasgow. Many businesses and energy companies are now transitioning to ditching outdated power resources such as coal and gasses since they are finite and difficult to reproduce. 

Because of this, the UK government has implemented its Certificates for Difference (CfDs) to help promote lower carbon emissions through energy providers. 

What does this mean?

Up to £285 million can be shared between green energy projects to help fund their costs and to promote the use of renewable energies. As part of the renewable energy support scheme, offshore and onshore wind, solar, and tidal projects can bid for government funding. 

As the government hopes to reach its net zero goal by 2050, this incentive is a fantastic opportunity to promote clean energy! 

To date, there have been three auctions, or contract allocation rounds, which have seen a range of renewable technologies compete directly for a contract. The first round was in 2015 and the third in 2019. These auctions allow companies to promote their own business model of production for renewables.

With the funding alone, the project could generate enough electricity to power around eight million homes – the biggest ever amount of electricity capacity secured in the scheme’s history.

Floating offshore wind projects will receive £24 million under the scheme, and tidal stream projects will receive £20 million, as these produce some of the most reliable energy currents.

Business and Energy Secretary Kwasi Kwarteng said, “Our biggest-ever renewables opening today will solidify the UK’s role as a world leader in renewable electricity while backing new, future-proof industries across the country to create new jobs.”

Greg Hands, The Energy and Climate Change Minister, claimed that the CfDs will rapidly grow the “green revolution” currently taking place. The UK has been providing us with secure, clean energy since it is a world leader in renewable energy.

Why are we excited about this initiative?

It is our pleasure at Bright Utilities to continue to promote sustainable energy through our support of this scheme. It will help to manage energy usage for many homes and businesses, whilst incentivising many to make the much needed switch to global clean energy.  

We are promoting renewables so businesses can make an easier transition from outdated electricity and gas to renewable energy. Bright Utilities’ experts can help you make an informed decision, and with the knowledge we have about the industry, we can help you grab exclusive offers. 

This comes from the news that the UK went a total of 5,000 hours, equalling to just over 200 days, without the use of coal fire to power homes and businesses in 2020. The mission to go green has never been clearer. 

We want businesses to join us in the fight against climate change all while saving money on their monthly utility bills. 

Where does that leave businesses?

The government is calling on everyone to join the fight against the climate crisis, companies can also benefit from switching to renewables. 

Changing energy providers is also a trusted way to help reduce your carbon footprint, as more groups offer up to 100% green energy to help your business thrive in the current energy crisis. 

One of the incentives for businesses is to join green energy networks by updating their older equipment. The most effective way to upgrade older equipment is by having smart meters to help reduce your costs and your usage in one place, the government also wants the country to switch to using these meters in the near future. 

In addition, the government has the Climate Change Levy (CCL) and Carbon Price Support rates to help your energy bills for your business. 

You can look here to see if you apply for any of these relief schemes: 

https://www.gov.uk/green-taxes-and-reliefs/climate-change-levy

Where next?

We need to stick to these promises for the continued efforts against climate change. We need to learn how to live and work more sustainably as we head towards an uncertain future. 

By changing your energy provider to be one that is committed to providing you with clean energy sources, you will be helping your business to grow with the comfort that your energy provider will not collapse as we have seen in recent months. 

You can also help support projects funded by the scheme whose purpose is providing energy that is clean and affordable to many homes and businesses across the UK. 

The continuing scheme proves the longevity of the future in renewables. The UK government has pledged itself to keep up its side of the bargain to make sure that no business is suffering at the hands of old, outdated energy supplies.

All companies have a role to play to ward off the catastrophic effects of climate change, now has never been more crucial to implement these measures to safeguard the future of businesses, people, and the planet. 

Visit: https://www.gov.uk/government/news/biggest-ever-renewable-energy-support-scheme-opens

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