Inspirit Energy (LON:INSP) has welcomed the UK government’s decision to continue the Feed in Tariff (FiT) scheme for micro combined heat and power (microCHP) technologies at this time.
The company is currently in the process of developing its microCHP boiler product, a gas fired boiler which generates electricity as well.
Earlier this week it confirmed that the appliance met or exceeded all internal quality requirements for safety, reliability and durability. The new boiler has the capacity to produce 2 and 3 kilowatts of electrical power, depending on the model, as well as 15KW of thermal energy.
John Gunn, Inspirit chief executive, described the government’s decision as “a boost for the industry”.
“We will continue to communicate our belief to the Government that microCHP will become a key part of the UK energy mix and that Government support can accelerate this,” Gunn said.
“I look forward to providing additional updates to shareholders on progress with the Inspirit Charger 2.0 in the near future."
The Department of Energy and Climate Change is due to carry out a consultation on support for microCHP and anaerobic digestion "in early 2016".
Inspirit said this positive development means it will have the opportunity for the authority to tailor the tariff structure to better reflect the stage of development of the various microCHP technologies.
Until the result of that proposed consultation, the generation tariff rate remains at 13.45p per kilowatt hour generated, and the export tariff rate remains at 4.85p per kilowatt hour, it added.
“The additional consultation on microCHP 'in early 2016' gives us the opportunity to propose improvements to the scheme and the timing is in line with our continuing development path," said Paddy Thompson, Inspirit sales director.
On AIM, on Friday, Inspirit shares moved just over 3% higher to 0.49p each.