Barclays business banking arm is set to help farmers in the UK find finance for renewable energy projects such as solar power panels, wind-farms, organic waste plants and hydro power.
According to Barclays over a third of farmers in the UK would like to install a renewable energy project on their land. This, the farmers hope, will generate returns of some £25,000 a year.
The bank's research of 300 agricultural customers shows that 80% of them see that renewable energy can help save costs and 60% realise that it can also generate additional income.
The modern solar power panels are also extremely efficient in the UK as they work on 'radiated light' not on 'direct sunshine'.
To back this up Barclays has launched a £100 million fund to plug the gap.
Barclays says that this is a quickly developing market with a big future.
Even with the recent cutting of the tax free feed-in-tariff (FIT) for these large industrial scale projects they are still seen as viable projects for the future. Especially if the cost of electricity keeps climbing in the long term.
With the FIT possibly up for review next year now could be a good time for the ordinary householder as well as the farmer to investigate their options with regard to solar power panels as well as other forms of renewable energy.
There are many ways to get into solar power to save your money and the planet as well as enhancing the value of your home, for example.
- Get a company to fit the panels to your roof for free. They get the feed in tariff, you get the free electricity reducing your annual bill significantly.
- Pay for the panels yourself and get the feed in tariff and the free electricity which, when combined, can be the equivalent of a 6% plus return on your capital locked in for 25 years and inflation proofed.
- Invest in a fund or company that puts panels on other peoples' properties so attracting the FIT.