Ceres Power welcomes UK Government’s Feed-in Tariff for residential mCHP
02 February 2010
AIM listed fuel cell specialist Ceres Power has welcomed yesterday’s announcement by the UK Government of a Feed-in Tariff from April 2010 for residential micro Combined Heat and Power (mCHP), including the company’s own fuel cell mCHP products.
Ceres Power reckons the introduction of the new tariff will help to accelerate the sale of its fuel cell products, which are used in the residential sector and in energy security applications.
The Feed-in Tariff has been triggered by the UK Government’s efforts to shift the country’s energy mix to focus on low carbon technology. It is designed to significantly increase the amount of locally produced green energy that is being fed from households back into the country’s energy supply.
Ceres Power’s mCHP unit uses fuel cell technology to produce both low carbon electricity and heat in the home and substantially reduces the need to buy electricity from the grid. Under the new tariff, a household installing a Ceres Power mCHP product will receive, for a period of ten years, a generation payment of 10p/kWh for all electricity generated plus an additional export payment of 3p/kWh for any electricity that is not consumed in the home and is fed back into the grid.
Peter Bance, the chief executive of Ceres Power, said: “We are pleased that the UK Government has recognised the low carbon benefits of fuel cell micro CHP. We believe this incentive will accelerate the uptake of our low carbon micro CHP products by increasing the financial benefits to households. This will also create green jobs and be a major boost to the UK economy.”
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