The Chancellor of the Exchequer, George Osborne, has announced more money for the Renewable Heating Incentive (RHI) scheme in yesterday’s Autumn Budget.
The Government will increase funding to £1.15 billion by 2020-21, with Osborne claiming the move will also: ‘ensure that the UK continues to make progress towards its climate goals while reforming the scheme to improve value for money, delivering savings of almost £700 million by 2020-21.’
The scheme was launched for homeowners in April 2014 and can earn them around £1,400 a year.
The move will make the scheme more widely available to homeowners who wish to move to a more renewable method of heating their homes, while receiving payment for every kilowatt hour of heat they produce.
The RHI scheme initially fell flat from a lack of funds, which had previously been used up by businesses, whose RHI scheme was launched in November 2011, who were generating more heat than they needed to receive larger payments.
For biomass boiler stove-owners the move heralds good news, as they will allow them to generate extra income simply by running their home’s heating through their stove.
You can find out more information about the RHI scheme here.