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20 Jun 2011 12:06:03

Solar FIT cuts 'undermine entire UK renewables industry'

Solar FIT cuts 'undermine entire UK renewables industry'
Dramatic cuts in government support for solar power installations were not needed and could undermine the UK's commitment to renewable energy in the eyes of investors.

A new report by the Solar Trade Association and Ernst & Young claims a slight increase in the Feed-in Tariff (FIT) rate for installations larger than 50kW would bring about a return on investment sufficient to attract financial support.

If projects were to receive a rate of 20p and 24p/kWh an internal rate of return of five percent would be achieved, BusinessGreen reported.

However, the widely-condemned cuts to the FITs as a result of the Department of Energy and Climate Change's (DECC) review makes solar power practically uneconomical.

Ben Warren, head of renewable energy at Ernst & Young, was quoted as saying: "Revisiting the feed-in tariff at such an early stage of its existence has undermined investor confidence not only in the UK solar industry, but potentially in the wider UK renewables market."

The DECC last week confirmed the cuts to subsidies for solar power installations, which will apply to developments that join the scheme after August 1st 2011.  ADNFCR-1235-ID-800584399-ADNFCR

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