United Kingdom solar panel subsidies slashed

The United Kingdom government has projected cuts of up to seventy percent to the feed in tariff for large scale solar energy generation. The plan would be executed on the 1 August, plummeting payments to owners or farmers of huge commercial buildings. The industry has responded with annoyance to the proposal.

And investors have advised that cutting the scheme just a year after it was made will deter more speculation in renewable energy."The entire investor market was completely detached as a result of the nosh in tariff being shred up," stated Ben Warren, partner with Ernst and Young, a consultancy.

'Absolute disaster'

Based on the government's plan, which is subject to debate, payments for any solar fitting over about fifty kilowatt would be reduced. The full decrease would apply to installations from 250 kilowatts to 5 megawatts - the regular size for a farm based system.

"It's a complete disaster," said Ray Noble, solar expert at the Renewable Energy Association. The tariff had not been due to be reviewed until 2013