One green business insurance provider in the UK has recently launched innovative new insurance cover designed to provide business liability insurance to firms with smaller-scale renewable energy generators, such as hydro and wind turbines and solar photovoltaic devices providing up to as much as 750 kw.
Green energy insurance provider Naturesave has launched the Small Scale Renewable Energy programme, which is the only scheme of its kind in the UK to provide businesses and organisations who have installed ecologically friendly energy systems with access to affordable and realistic commercial insurance for the equipment in question. The new scheme also guarantees protection for any revenues they earn as the result of material damage or mechanical breakdown, in addition to any public liability.
Commercial interest has been increasing in regards to the installation of renewable energy systems in the wake of Feed-in Tariffs for renewable systems being introduced in April of last year. The technology in question is rapidly growing in its efficiency and affordability, which has led schools and community organisations to see the benefits of green energy in regards to not only reducing their environmental impact but also also reducing their costs as well.
Under the FIT scheme, payments are given to communities and organisations who generate their electricity from a renewable source such as hydro systems, wind turbines, or solar photovoltaic panels. A minimum payment for all the electricity generated by the system is guaranteed by the scheme, and it additionally pays for any electricity fed into the grid.
These payments are even more noteworthy because they are added on to the savings these organisations make by generating the electricity on-site instead of having it fed to them by the grid. After an initial cost of £12,000, an average business or mall could see savings as much as £1,200 in an average year by choosing to install a 4 kw solar cell system mounted on the roof, with income guaranteed for a quarter of a century.