If you are planning on an early retirement and frugal living, then you need to look at domestic renewable energy schemes. The cost of oil and gas is likely to continue to rise, which poses a huge financial risk to pensioners. Renewable energy could be the long term answer.
Renewable energy is collected through natural sources such as sunlight, wind and water. Find out about the support schemes for renewables in the UK.
The earth’s natural sources such as sun, wind, tides, waves and geothermal heat can all be used to generate renewable energy. These sources are sustainable and naturally replenished, which means the environment can be saved from harmful carbon emissions.
There a number of renewable energy systems in place for creating and using renewable energy in the UK. These schemes help to encourage technological development and producing energy with much lower costs.
The Renewable Obligation (RO) encourages renewable electricity generation for large scale installations. It requires suppliers to source the majority of their electricity from renewable sources.
The Feed-in Tariff (FiT) is designed to support small scale renewable installations up to 5MW. Through FiTs, generators are paid a tariff for every unit of electricity they produce. Any electricity not used on site can be sold back into the Grid, and generators are paid extra to do this.
New schemes are constantly being developed to support renewables and other low carbon technologies through Electricity Market Reform. A new scheme in the pipeline called Feed in Tariff with a Contract for Difference (CfD) hopes to use this method.
The UK is well placed to take advantage of wind power as it has some of the best conditions in Europe and high average wind speeds. Onshore and offshore wind farms are an important part of where the UK sources its energy. Treehugger reported in 2013 that the UK generated more off-shore wind power than all other countries combined.
Renewable energy is healthy, safe and most of all a cost-effective feature to have installed in the home, too. To help out the environment, consider having a renewable energy heating system installed which can save you money on your fuel bills. Other options include solar panels and heat pumps.
The possibilities are endless!