What does the 2022 Budget mean for renewable energy?
As per the Government press release yesterday, here as a quick break down of what supports and changes we can expect within the renewable energy and retrofit sector for 2022.
The proposed investment will support over 22,000 home energy upgrades, including bringing over 6,000 homes to a Building Energy Rating (BER) of B2 It will deliver warmer, healthier and more comfortable homes with lower energy bills. It will also reduce emissions from the residential sector and improve air quality.
Speaking on the 2022 budget Eamon Ryan TD said:
“Budget 2022 is about supporting our citizens as we begin the transition to a climate neutral, circular and connected economy and society. The increased funding for retrofitting and energy efficiency will build a multi-billion euro industry that will create jobs, cut emissions and make our homes warmer and healthier. More than half of our retrofitting grants will go to free energy upgrades for low-income households – helping them save on bills. I’m also delighted that my colleague Minister Darragh O’Brien is making a substantial allocation of a further €85m to retrofit social housing.
“Cutting our emissions in half by 2030 is both a challenge and an opportunity. Today we are strengthening our capacity to do that in very practical ways.”
Here is what to expect from the Budget 2022 for renewable energy?
1.There will be an allocated budget of €858M to the Dep. of Environment, Climate and Communications this is an increase of 19% from last year.
2. A budget of €368M will be allocated to energy transformation, this is an increase of 19% from 2021. €202M of this budget will come from carbon taxes and will be used to fund residential and community retrofit schemes. More than 50% of this funding will be for free upgrades for low-income households at risk of energy poverty.
3. There is an estimated €10M set aside for the solar PV grants scheme, to help domestic customers who install roof-top solar photovoltaic (PV) equipment on their homes. This allocation will provide for an increase in grant applications, as part of the transition to the proposed Micro-generation Support Scheme.
4. A new low-cost loan scheme will be introduced for residential retrofitting, allowing credit institutions to offer low interest rates, making renewable more accessible.
5. Approximately €31M will be allocated to renewable energy schemes in the public sector to encourage the use of renewable energy within businesses across the land.
6. €85 million will be invested as part of the Local Authority Retrofit Programme in 2022. This will deliver approximately 2,400 B2 retrofits of Local Authority homes next year.
7. €98 million will support the transition to a Circular Economy and will protect natural resources
8. There will be €251m assigned to support connectivity and communications, including €225 million to further progress the roll-out of the National Broadband Plan (NBP) and an extra €2.5 million for the National Cyber Security Centre.
9. €152 million will support Just Transition, fund vital research and build capacity across the department and its agencies to lead and support Ireland’s response to the climate crisis.
Fancy learning a bit more about how solar PV works and and indeed what grants and incentives are available.
Why not download our FREE solar PV guide below.