The UK is well placed to remain a world leader in wind and marine energy, creating thousands of jobs, domestic energy security and global business opportunities. To continue this, the UK needs a supportive and stable economic environment.
Like any viable product, renewable energy needs to sell for more than it costs to produce. The cost of electricity is established by a complex relationship between suppliers in the electricity market buying and selling products and services, distribution and operational costs, government policy, and consumers. Together with the government, our members, and the wider industry, we work hard to reduce overall costs so that savings can be passed on to consumers.
Although the power of nature is abundant and clean, the initial investment required to develop renewable energy projects can be significant. Securing private investment from banks and other financiers is one of the challenges facing the renewables sector. To increase investor confidence, government policy needs to send a clear message of commitment for renewable energy.
RenewableUK acts to promote the UK’s market and investment opportunities, and ensure that the true costs and benefits of renewable energy are not obscured by inaccurate information.
Economic benefits of home-grown energy include: