Incentives available for bio-mass conversion
There are many grants and incentives available for farmers interested in renewable heat, writes Ben Lawrenson, of Cleanearth (0800 975 5635).
If you're considering renewable heating technology, then bio-mass could offer you both an economic and environmental alternative to traditional, more expensive fossil fuels.
Not only is bio-mass kinder to the environment as it uses renewable crops, but it can also provide robust returns on your initial investment via several incentivised schemes.
The Renewable Heat Incentive (RHI), which launched in 2011 for the non-domestic sector, is a Government-backed scheme administered by Ofgem. The RHI offers long-term financial support for those investing in renewable heat technology, and runs for a 20 year period.
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For eligible systems, including bio-mass, this guarantees a fixed, index-linked income for every kWh of heat consumed. The RHI is paid quarterly, and is based on metered heat.
Combined with significant savings on fuel, it means payback on bio-mass boilers can be achieved in as little as four years, and returns on investment can often be as high as 35%.
Another incentive available is the Enhanced Capital Allowance (ECA).
This scheme provides tax allowance for energy saving products, including bio-mass boilers.
The ECA allows a business to claim a 100% first-year tax relief against the taxable profits of the period of investment. ECA can be claimed via a business income or corporation tax return and HMRC can provide further advice and guidance.
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