A year ago, Russian tanks rolled into Ukraine, setting off a series of events that caused the energy bills of Bedford’s businesses to rise to unprecedented levels.
In response to sanctions, Russia severely restricted its usually cheap and reliable supply of natural gas to Europe. The restricted gas supply raised fears of shortages sending the wholesale price of energy to record levels.
The UK’s power and gas markets are heavily influenced by the European markets as we rely on imports of natural gas.
Companies comparing business energy rates year on year will have noticed a 200 – 300% cost increase.
To avoid these costs, more and more businesses are choosing to generate their own renewable electricity locally. It’s not only a lot cheaper, but it’s also much better for the planet.
The most common renewable energy investments options being employed by businesses are:
- Solar panels installed on the roofs of buildings
- Small-scale wind turbines
- Micro-combined heat and power systems
The great thing about these investments is that these investments are “permitted developments” under planning law, so you’ll avoid lengthy planning applications.
The main question asked by businesses is whether renewables are a good investment. Business energy experts AquaSwitch, have an answer to this:
In an electricity supply contract, a business will pay a unit cost for each kWh of electricity consumed. Here’s the key advantage of renewables: the electricity you generate is completely free after the initial investment.
In the current times of sky-high business electricity and business gas prices, an investment in renewable energy will pay for itself much more quickly.
What’s more, technology such as solar panels is becoming cheaper and more efficient, reducing initial costs.
Another key factor is the Smart Export Guarantee scheme that allows your business to sell any excess electricity generated back to the grid. Note it’s important to compare business electricity suppliers to ensure your provider is signed up for the Smart Export Guarantee scheme.
Given current prices, it’s never been a better time to invest in renewables from an economic perspective; it’s all more important than ever to protect the world from a heating climate.
by Ben Brading, Managing Director
Paid partnership with AquaSwitch
