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| Siemens Financial Services


Finance schemes driving growth in renewable energy


Finance schemes are driving the adoption of renewable energy by allowing customers to choose the best solution for their energy needs, says Darren Riva, Head of Sales, Green Finance at Siemens Financial Services, UK


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ince the implementation of the EU Renewable Energy Directive in 2009, the UK has made substantial progress against the initiative’s target to achieve 15 per cent of its energy consumption from renewable sources by 2020. Significant headway has been made in promoting renewable energy, with both public and private sector investment flourishing, particularly in Scotland where renewable power surpassed nuclear as the main source of electricity at the end of last year. The overall UK generation of electricity from renewable sources increased from 13.6 percent in 2013 Q3, to 17.8 per cent in 2014 Q3. Government support has propelled the


development of a range of alternative energy sources and technologies. An example of one of such alternative approaches is biomass. Between July 2012 and June 2013 biomass electricity saw an increase of 1.6 GW, with total installed capacity reaching 4.9 GW. Meanwhile generation rose to 17.3 TWh for the year July 2012 to June 2013, increasing by 3.1 TWh compared to the previous period. The introduction of the Renewable Heat


Incentive (RHI) scheme has also played a crucial role in driving biomass heating. As at 31 March 2014, installations on the RHI


scheme had provisionally generated 909GWh of heat, 94 percent of which has been generated from biomass boilers. According to a 2015 study published by the EurObserv’ER Consortium, the consumption of solid biomass energy increased by 3.3 percent in the EU in 2013, predominantly driven by the UK and France.


Solar PV technology Another renewable energy source receiving great attention from the UK government is solar PV. A 2013 survey indicated that solar is the most popular of all renewable energy technologies among the public. Solar projects are particularly favourable to businesses looking to subsidise their own electricity consumption given the ease of installation and the predictability of power generation. The implementation process is quick and scalable and the ‘fuel’ (solar radiation) is, of course, entirely free. Although solar PV is currently used predominantly in the domestic environment, its applications extend effortlessly to the industrial and commercial sectors.


In 2014, solar PV capacity increased by 1.9


gigawatts, making it the largest contributor to the UK’s heightened consumption of renewable energy compared to the previous year. To encourage take up of solar PV technologies, the government has implemented the Feed-in Tariff (FIT) scheme which, much like the RHI, allows companies using the technology to be paid for the energy generated. Although government policy will continue


to prove instrumental in further uptake of renewable energy, the driver for further


52 REview Renewable Energy View 2015


expansion should not depend entirely on government endorsement. With specialist technical expertise and equipment knowledge, renewable technology suppliers are well positioned to promote the monetary and environmental benefits of adopting clean energy to businesses, and to help them successfully implement the technologies. Nevertheless equipment suppliers are often struggling with customers who do not have the budget to make the investment. However specialist financing schemes such as the Energy Efficiency Financing (EEF) scheme, are now available in the market, with which equipment suppliers can help their customers overcome their budget constraints.


Joint initiative


The EEF scheme is a joint initiative between Siemens Financial Services Limited (SFS) and the Carbon Trust. It provides finance for energy-efficient and renewable energy equipment for businesses, where the expected savings in energy costs and/or income from energy generation offset the monthly equipment finance costs, thereby removing the need for initial capital outlay. The EEF scheme covers a wide range of renewable technologies, ranging from solar photovoltaic, biomass heating, ground/air source heat pump to wind turbines and micro combined heat and power, making the deployment of many renewable technologies affordable and accessible. Equipment suppliers can apply to become a Recognised Supplier of the scheme, which will allow them to integrate the EEF financing offer into their overall sales proposition, and help customers make the desired investment


www.r-e-a.net


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