Barclays, with the help of the National Farmers Union (NFU), will provide loans to fund new solar panels, wind turbines and hydro electricity on farmland.
According to figures compiled by the bank, 37 per cent of farmers plan to invest in renewable energy, many of whom will be installing renewables in the next year, with the hope to generate returns of around £25,000 a year through the feed-in tariff (FIT).
However, the move also comes at a time when the government reduces the payment level that farmers can get through FITs, so the loan could be an additional incentive and help to reach the UK's renewable energy targets.
"The opportunities for farmers to produce renewable energy thereby helping to decarbonise the economy and contribute to the UK's long-term energy security are there for all to see," commented Meurig Raymond, NFU deputy president.
"Given the significant up-front costs of renewables technologies, commercial lending is essential to unlocking these opportunities."
Reference: Energy Saving Trust
Urban Energy:
Urban Energy has earned a reputation as the south’s leading renewable energy specialist. This has been achieved by ensuring that from the initial point of client contact we offer 1st class customer service and care.
Urban Energy has earned a reputation as the south’s leading renewable energy specialist. This has been achieved by ensuring that from the initial point of client contact we offer 1st class customer service and care.
We
only install products that lead the way within the renewable energy
industry and that are renowned for their high quality and ecologically
sound production. This reflects our own high standards and quality
assurance.
We
understand that introducing a renewable energy system to either your
home or business is an investment that lasts for many years. With our
in-house electrical and plumbing division it is our promise to you the
customer that your satisfaction and peace of mind throughout this period
is our number one priority.
For further information about Urban Energy products and services:
Call: 0800 232 1624
Email: info@urbanenergy.org.uk
Website: http://www.urbanenergy.org.uk/
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