Energy supplier bills could include £500 'to subsidise renewable energy' - 03/12/2009
People looking to compare energy prices could be disappointed to hear they may be paying £500 a year by 2025 to subsidise renewable projects such as tidal machines and turbines.
According to Alistair Buchanan, chief executive of energy industry regulator Ofgem, around 30 per cent of each consumer's energy bill could be allocated towards renewable investment, compared to the nine per cent that is currently taken, reports the Daily Mail.
A range of government initiatives are currently paid for using this money, including the community energy saving programme and the carbon emissions reduction target.
The government is committed to both reducing the national carbon footprint and increasing the proportion of the UK's energy that is generated from renewable means, which could involve building a greater number of offshore wind farms in the coming years.
Many people may be tempted to switch energy companies in response to current price rates, but the firms themselves have frequently said they need to sustain healthy profit margins as they are expected to develop a renewable infrastructure.
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