Energy Secretary Ed Miliband, alongside the reactivated Solar Taskforce, is leading a major initiative to increase the number of solar panels on homes and businesses by 2030. This forms part of a broader strategy aimed at building the UK’s energy independence, reducing reliance on fossil fuels, and shielding consumers from the impacts of volatile energy markets.

What does this mean for your business?

Solar power: a growing opportunity
Solar energy is one of the most affordable and accessible renewable energy sources. With the growing focus on solar panels, it may be worth considering how solar energy could benefit your business.
Beyond the positive environmental impact (cutting carbon emissions is always a win), businesses investing in solar power could enjoy long-term financial benefits. With energy costs still a key concern, generating your own electricity could result in substantial savings and protect your business from future price increases.

The Solar Taskforce: What’s the plan?

The government’s reactivated Solar Taskforce, which met for the first time on 2nd October, is focused on overcoming the challenges currently holding the sector back.
During its first meeting, discussions centred around developing ethical, resilient, and innovative supply chains and ensuring a skilled and adequately resourced workforce to expand solar installations.

What can businesses do now?

Whether you own or rent your premises, there are options to benefit from this renewable energy push. For instance, installing solar panels on warehouses, office buildings, or smaller rooftop setups could help reduce energy costs and lower your carbon footprint.

To determine whether this investment is worthwhile, a cost-benefit analysis could help you evaluate the financial and environmental advantages. Here’s a simplified guide to conducting one:

  1. List the costs: Include upfront expenses, ongoing maintenance, and time or other resources required. For example, if you’re thinking of installing solar panels, the costs would cover the price of panels, installation, and maintenance.
  2. List the benefits: Benefits could include savings on energy bills, government incentives, reducing your carbon footprint, or enhancing your business’s green credentials.
  3. Quantify the costs and benefits: Assign a monetary value to both the costs and benefits wherever possible. If the total benefits outweigh the costs, it suggests a sound investment. If not, you may want to reconsider or look for ways to reduce the costs.

A cost-benefit analysis could help you determine if the initial costs will be offset by long-term savings on energy bills, potential tax incentives, and increased property value.

If you’d like assistance with a cost-benefit analysis, feel free to contact us—we’re happy to help!

For more information, visit: https://www.gov.uk/government/news/solar-taskforce-meets-in-drive-for-clean-power