The Urban Community Energy Fund (UCEF) allocates a new amount of funds that will allow English citizens to access either grants of 20,000 pounds maximum, or loans of up to 130,000 pounds in order to support renewable energy programmes.
What is the Funding for?
The plan incorporates 10 million pounds that are meant to support communities in their sustainable and renewable energy projects with the aim of making them power independent and harnessing the resources available, creating power hubs. Furthermore, this also contributes to ensuring that the amount of energy needed is produced, while keeping the costs within the limits.
Furthermore, the government can empower local communities and make them able to produce their own renewable energy, investing in renewable resources, employ more people in the industry, and changing the approach that the UK takes with regards to this sector.
What is the Final Aim of This Capital Injection?
The project implies that the FIT scheme is prolonged by six months, so that the available time span to start a project and run the operations is longer. The technologies covered by this additional government support include wind and solar energy, heat pumps, anaerobic digestion (processes through which microorganisms disassemble biodegradable material with no oxygen), combined heat and power and hydro energy.
These provisions are in line with the government’s will to increase the amount of money put in renewable energy projects and meet the targets of carbon emissions reduction set for 2020.