Britain’s Budget Continues to Show Love for Low Carbon Technology

As many people have already noticed, Britain’s latest budget has already been announced. There are a few things that people have been excited about in this new budget, but one of the biggest ones happens to be the love that the government is showing to low carbon technology.

In fact, it now seems that Britain is actually going to be the first country in the world to introduce a minimum price for carbon. Now this is good and bad for a few different reasons. First of all, this part of the budget is getting a lot of support from nuclear firms. However, some people are upset, because this part of the bill is likely to drive up the cost of household energy bills.

According to reports, George Osborne, has now fixed the minimum price for carbon at £16 per tonne starting in 2013. However, it is not going to stay that low for long. In fact, by 2020, the price will go up by about £30 per tonne.

So why the big increase in just a short period of time? Well according to the chancellor, this should really help drive investment in the low carbon power sector. People will want to start investing more in low carbon technology as well.

Now the real question people want to know is how much this move is going to cost them. According to the Treasury, this new move should add about £6 to household bills in 2013, and this amount will rise to £17 per household by 2016.

However, not all is lost. In the end, by 2020, prices should start to fall. In fact according to experts, the price for energy for houses will fall to rates that are lower than what they are now. People just have to get to that point.