Friday, 2 September 2011

Farmers to benefit from £100m fund in renewable energy

Farmers in the UK will now be able to access a new £100 million fund to support the costs of installing large-scale renewable energy systems.

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.

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