March Market Update
Business Rates impact on solar in the UK
Last week’s budget speech may have resulted in a quick turnaround on NI tax increases, but Chancellor Philip Hammond stayed silent on the proposed business rates increase for self-consumption on commercial solar properties. The solar industry remains in the dark about the potential cost rises for various commercial solar owners such as schools. The Solar Trade Association, of which PS Renewables is a member, fears that the new policy could increase business rates by up to 800%. It handed a petition signed by over 200,000 people over to the Treasury earlier this month to make the Government aware of this issue, but so far it seems to have fallen on deaf ears.
US solar market expectations
US installed solar PV capacity is forecasted to nearly triple in the next five years, according to Greentech Media research and the Solar Energy Industries Association´s recent Solar Market Insight Report 2016. By 2022 it is expected that over 18 GW per year will be added to the US´s solar portfolio. By then many more States will have a solar portfolio of over 1 GW, increasing from the current 9 States to 24. This suggests a widening of solar opportunities in various states rather than the just in the traditional solar states.