Solar Eclipsed as Subsides Slashed

Solar copy

Guido highlighted back in January that the government’s tapering of subsidies for renenwables could potentially see the death of subsidy junkies in five years. Solar looks to be the first to take the plunge…

The Guardian reports that the solar panels industry has collapsed in the wake of subsidy withdrawal. In fact, household solar power capacity installed in the past two months has undergone a 75% decrease, a lot more than was expected following the 65% cut in government incentives for householders to install panels. This is the renewable industry’s problem: It needs shed-loads of taxpayer cash to survive, and when the subsidies are taken away it goes to the wall…

Sturgeon’s Tax Bung For Big Oil

OILBEDAMNED

The SNP have long tied their hopes to the price of oil and, now it’s under $30 a barrel, Sturgeon is pushing for big oil tax breaks. As tax policy is made in Westminster, Scottish Finance Minister John Swinney has scheduled an “urgent meeting” with Osborne. This is despite the Chancellor announcing £1.7 billion pounds worth of tax breaks for oil and gas last year

The SNP suspended new coal bed methane and fracking sites in Scotland last year, killing off a growing industry in its infancy. Now they want Osborne to pay big oil for their mistake. Tax breaks for big business while eternally delaying fracking decisions – why don’t the SNP just go and join the Tories?

What Austerity? £6 Million Subsidy For Electric Supercars

Morgan

With one hand, Whitehall is taking away subsidies from the renewable energy industry. With the other, they are doling out a new £75 million government and industry grant to the electric car market. This handout includes £6 million for specialist car manufacturer Morgan to develop a “hybrid and electric powertrain” for a new sports car. ‘Austerity’ means subsidies for supercars…

The investment isn’t only for flash motors. The funding will also go towards developing eco-friendly white vans. At least that will keep the Shadow Defence Secretary happy…

Renewable Subsidy Junkies Dead in Five Years

Renewables

The Indy have published some analysis on the fate of the UK’s renewable energy industry following the announcement of cuts to subsidy junkies. The research predicts that despite 2015 being a record year for renewable energy production, the industry is set to “fall off a cliff” as a result of withdrawn subsidies. This trend will continue until after 2020, when “the new renewables infrastructure will collapse to almost nothing because of a lack of investment”.

irena

So it’s not the best time for the International Renewable Energy Agency to publish a report boasting that a global 36% renewable energy share is in reach, and will provide half the reduction in emissions required to hit the Paris summit targets. This is the renewable industry’s problem summed up. It needs shed-loads of taxpayer cash to survive, and when the subsidies are taken away it goes to the wall…

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