Labour’s green energy subsidies are costing British households £12 billion annually.
This amounts to an extra £450 per household each year.
The breakdown of these green levies includes £2.3 billion annually for Contracts for Difference subsidies.
A further £7.8 billion goes to the Renewables Obligation scheme, encouraging energy companies to adopt green practices.
Small-scale renewable subsidies under the Feed-in Tariff scheme cost £1.86 billion yearly. These costs are most visible through the £150 increase on energy bills.
However, businesses are passing on their higher energy costs to consumers. This means two-thirds of the green levy costs appear in higher retail prices.
Official estimates show these costs are set to rise to £14.8 billion annually by 2030.
This comes despite Labour’s mission to create a “zero-carbon” electricity system that will supposedly “lower energy bills for good”.
The figures are fuelling growing concerns about the UK’s green energy transition costs.
With this in mind, is it time to scrap Britain’s obsession with green energy? Vote in the poll and have your say in the comments below.