Investigation has been conducted on the RHI green energy project that failed. A document of record after the consultation proved that a huge percentage of boiler owners who registered for the scheme prior to introduction of cost-cutting tariffs could be dealing with financial ruin when the dust has settled. Those in the industry including companies with website linked here are not happy with this recent announcement.
The consultation was done in the first place because the Department for the Economy requires details in order for them to determine the best option that will suit the payment structure that every boiler owner will have to face for long-term.
Two years ago in January, the government at Stormont faced an issue with devolvement with the RHI scheme the driving force behind it. It also led to a public inquiry since the taxpayers are required to pay more and more which eventually amounted to hundreds of millions in pounds.
Sir Patrick Coghlin, the chairman assigned for the inquiry, should be able to reveal the conclusions they have come to before the year ends. The department is seriously considering the closure of the scheme. In order to get the best deal, a compulsory buy-out may have to be done.
If this happens, boiler owners have to be given proper compensation because the scheme was supposed to run for two decades but now it is being cut short. The problem is that the anticipated payments that were accepted are higher than the amount expected which means that a large percentage of boiler owners are not going to receive any form of compensation.
They are looking into other options such as lowering the tariffs but it must be a significant amountin order to see some changes. Taking this route means that boiler owners will be the once giving the department moneyin order to recover from the overcompensation that have occurred before.
An overwhelming 82 per cent voted for the 2012 tariffs but the department did not agree because doing so will require them more than 1£ which is twice the current funding. As things were hanging on a balance, boiler companies such as linked here are positive the government will be able to make an amiable decision.