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The Low Carbon Economy Ltd

05 Oct 2010 12:10:06

FiT cuts would damage investment, business leaders warn



FiT cuts would damage investment, business leaders warn
Investment in low carbon industries could be "profoundly damaged" if the government reduces the Feed-in Tariffs (FiTs) scheme, industry experts have warned.

In an open letter to the Treasury and the Department of Energy and Climate Change, 60 business leaders warned that a reduction in subsidies for microgeneration could cause investors to "flee" the sector.

The FiT scheme was introduced in April by the previous Labour government and pays homeowners for any green electricity they generate, even if it is not sold back to the grid.

According to the latest figures from Ofgem, some 9,350 people are now signed up to the initiative.

The letter to the government called for an end to speculation that the levels of financial support offered by the FiT scheme would be reduced before the planned review takes place in 2013.

"Premature adjustments to the tariff would have a profoundly damaging effect on long-term investor confidence in the clean tech and renewable energy sectors, and may cause investors to flee altogether, thereby stifling any future investment," the letter said.  ADNFCR-1235-ID-800099007-ADNFCR


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