FUTURE ELECTRICITY COSTS
The fact of the matter is that the UK is going to need far greater amounts of electricity to sustain it in the years to come.
Electricity costs will continue to rise as more people embrace renewables and as the pool of electricity company customers diminishes it will be the ones who are ‘left behind’ that don't have any form of renewable electricity that will have to bear the brunt of the UK electricity company price increases.
Unfortunately, at the present time, not everyone can get solar. You must own your own property, have enough roof space, your roof must not be north facing and you must be able to afford it!
Another cost for electricity consumers looming on the close horizon is the UK’s first new nuclear power station for a generation that is being built at Hinckley Point in Somerset which will cost electricity customers at least £4.4bn and the subsidy bill could reach £20bn. The charges, which will be passed on to nearly 30 million customers, are a result of the Government’s decision to guarantee the new Hinkley Point operators £92.50 for every unit of electricity – more than double the current market price.
Details of the costs – an average of about £150 to £660 per customer over the 35 years of the deal also reveals that taxpayers would have to pay up to £22bn compensation to the owners, French electricity giant EDF and the Chinese government, if the UK government or the European Union do something that forces the plant to close early. The opening of Hinkley Point has been delayed twice, from 2017 to 2025, but the operators will now be penalised if it is later than that, and government can cancel the deal if it is not operating by 2033.
Our electricity future will be very expensive, so why do most people bury their heads in the sand and ignore the facts? The fact that you're reading this indicates that you are probably not one of those people and that you can see what is around the corner for the majority of electricity users who are not generating their own electricity.
The UK solar market is on the verge of transforming into an electricity system built around storage and changing the way people think about electricity consumption. A solar battery system will enable you to store your unused electricity during the daytime to use it later in the evening, therefore reducing your electricity costs even further and increasing your solar PV system’s productivity.