Kingspan and ESB unveiled on Tuesday a new joint venture in Northern Ireland that will offer local businesses the opportunity to get involved in a solar energy project that they claim could deliver energy savings of £320 million in the North over the next 25 years.
Kingspan ESB has launched a scheme that will give customers an option to sign up to a roof top photovoltaic (PV) energy product that the joint venture says will produce cheaper, renewable energy without the investment normally required in the capital outlay, installation or maintenance of a PV system.
Mel Courtney, general manager of Kingspan Energy believes the system could help Northern Ireland hit its renewable energy target of 40 per cent of electricity consumption from renewable sources by 2020.
“For some businesses the cost of electricity in Northern Ireland can be 25 per cent higher than their UK counterparts and energy costs are high on the radar for every business but this fully funded option can deliver a solution that could save the average business in Northern Ireland around 10 per cent of their electricity bill,” Mr Courtney said.
According to Kingspan ESB this could work out at savings of equivalent to £5,800 each year but business with bigger energy bills - those who for example use 8000MWh per year, could potentially see savings of £17,000 per year.
Cera Slevin, project manager with ESB, says businesses in the North will be able to fix a portion of their electricity cost over the lifetime of the funder solar energy project, which will run for 25 years.
“It gives businesses the ability to benefit from discount electricity prices and the potential savings increase year on year - for small users and large energy users.
“We know many businesses in Northern Ireland have their own sustainability targets and are keen to take advantage of green and renewable sources of energy and this combined roof and solar PV system will also help them to manage electricity costs,” she said.
The North's new Enterprise Minister Jonathan Bell has welcomed the initiative.
Speaking in Belfast at his first business engagement since taking up the post yesterday the Minister said: “For many businesses, the costs of purchasing and installing renewables require substantial investment. That is why innovative initiatives such as Kingspan ESB’s Funded Solar are to be very much welcomed. This initiative demonstrates how two progressive companies can work together to develop a scheme which is not only profitable, but beneficial to wider business whilst at the same time contributing to our decarbonisation and renewable energy ambitions.”
