The Election Two Weeks On
July 17, 2024An Analysis of the Latest MCS Data
August 5, 2024The energy price cap fell earlier this year, however this is expected to be short-lived, with both the price cap and energy prices forecast to increase. Columbia Threadneedle Investments has estimated that the price cap will rise from £1,568 to £1,762 in October, and also stated that we could expect energy bills to increase by £194 a year for the average household. This increase is ‘in part’ a result of the ongoing war in Ukraine, with concerns that ‘transshipment facilities’ (storage warehouses) are under direct threat in Ukraine (Nolsøe, 2024.) The predicted increase is of course not cemented, but is a likely reality, one that you can prepare for as an installer of renewable energy.
The above will place an even greater importance on renewable alternatives, to offset the increase in energy bills. We already know that the government is pushing the ‘solar installation revolution,’ and other initiatives to help them meet their net zero targets (such as the quota for heat pump installations) and the news of a potential increase in energy prices only pushes this agenda further.
You can prepare for this increase in demand by making sure you are adequately trained in renewable technology, including Solar PV and Electric Energy Storage Systems, and Heat Pump Systems. Diversifying the type of work you carry out is the only surefire way you will continue to thrive in a growing and developing market. The renewable revolution is inevitable at this point, so you might as well monetize from it.
Click here to view all of our renewable courses accredited by BPEC and City & Guilds.
References:
Nolsøe, E. (2024, July 21). Households braced for £190 jump in energy bills Ukraine’s drawn out fight against Russia risks pushing up gas prices. The Telegraph. https://www.telegraph.co.uk/business/2024/07/21/energy-bills-to-jump-ukraine-war