Northern Ireland’s renewable energy industry received a significant boost today with the announcement that Kingspan ESB, a joint venture between Kingspan, a global leader in high performance building technologies, and ESB, Ireland’s largest energy company, has launched a new Funded Solar energy solution.
The fully-funded solar solution will enable Northern Ireland businesses to benefit from a potential £320 million electricity cost savings over the next 25 years (or £5.6 million each year), supported by significantly improved sustainability and environmental credentials. The new photovoltaic (PV) energy generation offering, will now be available to the local business community without the investment normally required in the capital outlay, installation or maintenance of a PV system.
Kingspan ESB will design, install and maintain the solar PV system, optimised to each customer’s building and requirements. The electricity generated by the system will then be used onsite and purchased by the customer at much lower rates than would otherwise be supplied from the grid. The average medium-sized business in Northern Ireland (consuming 400MWh of electricity per year) would see a 10% reduction in their electricity bill – the equivalent of £5,800 each year, or £330,000 over the course of the 25 year airspace lease above their roof. For the average Large Energy User (consuming 8000MWh per year), this saving increases to £17,000 per year, and £1,055,000, over 25 years.
With Funded Solar, Northern Ireland businesses will be able to fix a portion of their electricity cost indexed to RPI, rather than be exposed to annual utility inflation rates. The potential savings to local businesses will increase year on year throughout the period of the lease if electricity prices increase at historic rates.
Kingspan ESB customers will also benefit from better energy efficiency and carbon credentials, with each system improving a building’s EPC (Energy Performance Certificate) and BREEAM rating, thereby enhancing the value of property assets for owner-occupiers and landlords.
Enterprise, Trade and Investment Minister Jonathan Bell 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."
As part of the solution, Kingspan ESB offers customers a combined roof and solar PV system guarantee for 25 years, with free lifetime system performance, monitoring and maintenance. Developed for commercial and industrial buildings, the solar PV system can be fitted on a range of roof types, including metal and membrane roofs. The Kingspan ESB system, which will be installed with no costly disruption to business operations, is suitable for new and existing buildings or refurbishments.
Commenting Gilbert McCarthy, Managing Director of Kingspan Insulated Panels, said