CoolPass Inc.: UK Plans subsidies to spur $7.2 billion in renewable heat programs.

The UK government set out incentives intended to spur £4.5 billion of investment into renewable heating systems by 2020.
March 10, 2011 - PRLog -- The Department of Energy and Climate Change told CoolPass that it would grant subsidies to the tune of £860 million ($1.186 billion) for geothermal heat pumps, solar thermal plants and biomass boilers. Initially the scheme will target 25,000 households by July of this year and the full program will be in place by October.

The new scheme is part of Prime Minister David Cameron’s drive to stimulate “green economy” jobs and to cut back on carbon emissions blamed for climate change. Heating is responsible for 47% of UK energy demand and 46% of the country’s greenhouse gas emissions.

“Renewable heat is a largely untapped resource and an important new green industry of the future,” Energy Minister Chris Huhne said in a recent statement available to CoolPass. “It’ll help the U.K. shift away from fossil fuels, reducing emissions and encouraging innovation, jobs and growth.”

The news was welcomed by some of the nation’s largest utilities, including E.ON AG and British Gas, part of the Centrica Group Plc. The CEO of the Renewable Energy Association said he felt that “thousands” of companies stood to benefit.

E.ON UK’s managing director of energy solutions, Graham Bartlett, told CoolPass that “It’s absolutely vital that we start weaning ourselves of an over-reliance on gas boilers.” E.ON currently owns five gas fired power plants in Brittan.

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