UK solar market will continue to attract investors
Solar energy in the UK will continue to be a "viable financial venture for investors", according to one of the largest international manufacturers of solar modules, which unveiled investment plans.
Phono Solar, which produces monocrystalline and polycrystalline silicon solar modules for the international market, said it will continue to invest in the UK market and is confident of its future, despite the cuts to Feed-in Tariffs (FITs) which came into force on Monday (December 12).
As part of the changes to the FIT rates, subsidies have been cut by 50%, which the UK solar sector argues will damage investment in UK renewables.
However, Phono Solar, said it plans to invest in a range of renewable energy projects, both in the UK and Europe and is looking to "embrace" the Government's Green Deal by focusing on new investment opportunities that combine photovoltaic (PV) with other renewable sources.
Phono Technologies Europe vice president Mariana Hall, said: "Phono Solar is committed to the UK PV market and remains confident that it will continue to grow in spite of the recent cuts. We believe that solar energy continues to be an important clean energy source and a viable financial venture for investors."
This view is echoed by renewable energy installers Freesource Energy's managing director, Alex Lockton, argued it is still in people's interest to install renewables. Other advantage, he said, it that "many of the cowboys who jumped on the solar band wagon when the feed-in-tariff was introduced will go out of business".