New Electricity Rules in UK could Help Consumers Save upto £40bn

Published By : 24 Jul 2017 | Published By : QYRESEARCH

News the unsteady state of the UK’s renewable energy sector in terms of growth and concerns regarding stalled energy policies and their impact on the country’s ambitious carbon emission reduction targets by nearly 50% by 2030 have been making rounds for a while now. Many analysts have also noted that the rate of growth of jobs in the renewable energy sector has also slowed down in the past few months in the country.

But the government still looks hopeful. It has stated that consumers in the country could end up saving billions of pounds owing to the vast changes in the way electricity in being produced, stored, and used in the country. New rules and regulations in the country will make it easier for consumers to produce their own power with the help of solar panels, store the produced energy in batteries, and even sell it to the National Grid.

According to Ofgem, the country’s energy regulator, and the government, consumers could save between £17bn and £40bn by 2050 if the new rules work. The new rules are expected to come into effect over the next year. These rules will reduce costs for consumers who allow their electronics devices such as washing machines to be turned on by the internet and maximize the use of economic and clean solar power on sunny afternoons. The rules will also work, for instance, for businesses that allow the ACs to be turned down for brief periods of time and help balance energy demand during peak hours.

People with solar power and battery storage capabilities will be among the first ones to benefit from the rule changes. Presently, there are tariffs on import of electricity into homes and on export to the grid. As this rule deters consumers from using solar power more flexibly, the rule will change.

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