The renewables industry faces many challenges in a time of rising costs, but Net Zero targets are still in place. This means there is a strong incentive to continue to develop wind farms and solar parks, among other sites. If you own land suitable for renewable energy generation, it could prove profitable.
The current situation
The majority of wind farms are currently located in Scotland and Wales. Solar panels Cheltenham are available attached to existing domestic and commercial properties, installed by companies such as https://gsmlimited.com/services/solar-panels/cheltenham, but there has also been a rise in dedicated solar parks – fields lined with solar panels – throughout England. Concerns have been raised because some developers recently cancelled significant government contracts relating to onshore renewables projects. These fixed price contracts, known as contracts for difference, are particularly used to encourage low carbon energy production. Despite this, there is still optimism in the industry.
Future plans
Reasons for this optimism are driven in part by the UK’s Net Zero targets and the knowledge that if they are to be achieved by 2050, the country will need to continue to invest in renewables and other green technologies. With a general election required in the near future, possibly resulting in a change in government, it is possible that policy and the support available will change in the industry’s favour.
Developers continue to search for sites on which to build new wind farms and solar parks, and they are willing to sign extended leases of between 35 and 50 years to do so. This offers the possibility of high rental incomes for landowners, especially if the sites start successfully generating and selling large amounts of electricity. The North and West of England are particularly likely targets for development, as the geography and climate are favourable and there are larger areas of unused, unpopulated land.
If you own a large area of unused land, it may be worth considering its suitability for renewables development. The fact that some contracts have been cancelled does not mean the industry has stopped looking for expansion opportunities.