Plumbers merchant Plumb Center has welcomed the Budget announcement by George Osborne of an additional £2bn for the Green Investment Bank.
The Chancellor also announced that the bank will be able to begin operations next year, a year earlier than planned.
However, Plumb Center does have concerns that delaying the bank’s right to borrow money until 2015 to raise the capital it needs could impact on the speed at which new renewable energy projects get off the ground.
Plumb Center renewables director Simon Allan said: “Overall, the budget has a number of positives for the industry including the creation of the Green Investment Bank, a commitment to promote the Green Deal in advance of its and changes to the planning system to include a new presumption in favour of sustainable development.”
In addition, Osborne indicated that the Government will act to encourage and incentivise take-up of the Green Deal so that it will appeal to households, businesses and prospective providers alike, before it is introduced in 2012.
Other positives for the industry include the changes to the planning system in favour of sustainable development, the carbon floor price starting at £16 which is good news for investment in green energy, and an increase in the carbon tax for office users which could act as an incentive to renovate business premises to make them more energy efficient.