Feed-in-Tariffs (FiTs) provided financial incentives for people to invest in renewable energy sources, predominantly, solar energy, to incentivise and boost renewable adoption across the UK. This was to help meet 2020 targets to reduce Greenhouse Gas emissions by 20%, to source 20% of EU energy from renewables, and make a 20% improvement in energy efficiency. However, despite reports claiming that we have only twelve years to save the planet, plus criticism that not one country is on track to meet Paris Agreement targets, the UK government announced an end to these subsidies and incentives.
FiTs are payments to domestic energy consumers for the renewable electricity they generate. Eligible consumers receive monetary benefits in three ways; Generation Tariff, Export Tariff, and Energy Bill Savings. The Generation Tariff is payment for all the electricity you produce, even if you use it yourself. Export Tariff is additional bonus payments for electricity you export back to the grid. Finally, energy bill savings come from a reduction on your standard billing from using energy that you produce yourself. UK Governments however, have announced that these tariffs will officially close on the 31st March 2019, meaning that no new applications for accreditation would be accepted after this date.
Furthermore, The Guardian reports that households that install solar panels in the future will be expected to “give away unused clean power for free to energy firms earning multimillion-pound profits” which has caused mass outrage from members of the public and green campaigners. Protesters include Mayor of London, Sadiq Khan who urges the Government to keep the current subsidies for solar powered households. In agreement, the deputy Mayor for London expressed that “the tariffs have been really helpful in increasing the take-up of solar and making it acceptable for people.”
Further criticism comes from The Guardian Energy Correspondent, Adam Vaughn, who labelled it as a ‘gloomy day for solar in UK’ as households who choose to take up solar in the future will have to give away their excess energy free of charge, whilst households who already use solar energy will have to pay more for their energy as he accuses Ofgem of increasing the cost of accessing the grid. Head of Energy at Greenpeace UK described the decision as a “another blow to the solar industry from a government that seems determined to kill it off entirely, together with the jobs it provides and all the potential benefits of a 21st century smart grid”, a sentiment echoed by Shadow Minister for Energy and Climate Change, Alan Whitehead who accused the government of “pushing the solar industry off a cliff edge”.
Whilst the UK have this year set new renewable and clean energy generation records with low carbon sources equating to 52.7% of UK power demand in the third quarter, instead of using this as an incentive, the government have made a decision that will hinder renewable adoption. In the wake of the removal of this important incentive to energy users, EnergiMine provide an alternative solution through their EnergiToken rewards platform, which awards solar panel users with a financially tangible cryptocurrency which can be spent within their ecosystem of diverse, eco-friendly partners.
EnergiToken (ETK) provides a blockchain based solution, which incentivises consumers for energy saving and ‘green’ behaviours. After simply take part in range of different energy efficient activities; whether it be it in the workplace, switching to low carbon transport or purchasing solar panels from our various partners, consumers can claim ETK rewards through the platform. Once verified, the consumer will be awarded a lump sum of ETK which can then be spent on various different energy-efficient and green products and services from within the ecosystem.
ETK provides a substitute incentive for the one that the Government are unfairly removing, to ensure that the drive towards complete decarbonization, carbon-emission reduction, and sustainability is maintained and excelled. EnergiMine recently partnered with Solisco, a British start-up company founded in 2016, with a mission to inspire and support the emerging Clean Energy and Electric Vehicle market with innovative solutions that focus on Solar Photovoltaics (PV) and Electric Vehicles (EV). The partnership will see Solisco customers rewarded for purchasing solar based products and enable them to use ETK to make future purchases from Solisco or our other energy-efficient partners, now including 3F EV, nextbike, and many more.
Save energy and get rewarded with EnergiToken. Visit www.energitoken.com today to sign up or find out more.
