With the introduction of the feed-in tariff (FIT) last year, renewable energy sources such as solar and wind have seen a boost in installations across the UK. As more people begin to see them on houses in their own streets or in neighbour’s back gardens, solar panels and wind turbines can also expect to enjoy a growing embrace by the public.

This embrace will be a critical factor to help the UK meet its green future goals. The implications of the feed-in tariff are explored in detail in a new report from Greenbang, “The UK’s Feed-in Tariff: Impact, response and market trends for the decade ahead.”

It’s an exciting time for British businesses to be involved in the industries covered by the feed-in tariff. Many companies such as Solarcentury are experiencing rapid growth in numbers of employees, doubling in size by the end of the year. Other companies seeing substantial growth include Evance in the wind sector, Gilbert Gilkes & Gordon in the hydro sector and Monsal in the anaerobic digestion sector.

It’s now up to these companies to take control of the FIT’s positive effect on the market and use it to the greatest possible extent. That will require sound marketing and building a positive client base on the foundation of a good reputation.

While the UK is still lagging behind in the green economy compared to other European countries, it is not too little too late. Still, it hasn’t helped that the renewable energy incentives came into effect in an anemic, post-recession economy. That’s because the first two years are the most important: that’s when the feed-in tariff rate, as well as rate of installations, is highest.

It’s uncertain whether the UK government will see out the policy in the long run without disrupting it. Furthermore, the current rate for solar photovoltaics is slightly too generous, which discourages innovation – one of the key intended benefits of the policy.

What’s clear so far from the Greenbang report is that the renewable energy market reaction has been significant, though not without problems. The markets for each technology are positive, though the rate of growth for each varies. While solar installations lead the way in terms of sheer number (over 10,000), the FIT is more about quality over quantity in the long run. After the initial rapid growth in solar, other technologies such as hydro and wind will play a significant role due to the larger average installed capacity for those systems.

Anaerobic digestion, on the other hand, enjoys a better rate under ROCs (Renewable Obligation Certificates). The FIT rates for this technology are likely not high enough to drive the market.

The UK still has a long way to go to reach the ambitious targets for renewable energy set by EU directives. However, there are two ways to look at this.

One is that there is no chance of reaching these targets and the high cost of introducing renewable technologies will be a further burden on the public, which pays for it with increased energy bills.

The other way of looking at it is that now is a great time for the UK to really begin getting involved in the renewable energy market and building the “green economy” so beloved by politicians. This approach will require the involvement of both the UK government and industry … and the feed-in tariff is the perfect way to kick-start the renewable energy market.

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