Spending review: Investment in energy expected

June 27, 2013

As part of the spending review from the coalition, chancellor of the exchequer George Osborne has said that more needs to be spent on energy policy in the UK.

It is expected that an official announcement could be made today (June 27th) about what areas the £100 billion in funding will be spent on between 2015-2020, with projects including nuclear, shale gas and further renewable investment – such as solar panels – set to be allocated funds.

Energy efficiency has been a priority for the coalition since it took office, with prime minister David Cameron repeatedly suggesting that his time in office will be the "greenest government ever".

The introduction of the Green Deal and the feed-in tariff are some measures expected to cement these claims, with both initiatives providing benefits, ease and increased scope for households to install energy saving measures such as solar panels and high-efficiency boilers within their properties.

This latest announcement from the coalition is expected to further these aims, and could help the UK as it intends to be at the forefront of the green industry.

With energy prices on the rise, the focus on delivering renewable and alternative sources of energy will not only cut the cost of bills for residents up and down the country, it will reduce the country's reliance on fossil fuels and help to significantly reduce the UK's carbon footprint.

Investment in nuclear power and shale gas projects is also set to relieve pressure on the energy industry. The government is now expected to provide backing and tax incentives for both technological investments.

If the UK finally takes advantage of the both the nuclear and shale capabilities, this should not discourage people from accessing domestic carbon reducing technologies.

Especially as these power stations and processes are still years down the pipeline, it would be wise to invest in solar panels or high grade insulation to help you cut down on bills now, to increase your long term savings.

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