Farms which Invest in Renewable Energy More Resilliant, says Bank

Donald Stewart of the Royal Bank of Scotland has claimed that farms which invest in small-scale renewable energy are more resilient, and as a result, are in a better position to receive support from banks.

farm turbine

Stewart made the statement when speaking with local Scottish farmers in Peeblesshire at the latest monitor farm meeting, stating that investment in renewable energy allows greater control over the farm’s energy requirements, as well as bringing in extra, and sometimes much-needed income, through Feed In Tariffs.

Stewart revealed that £20m had been put aside for lending to fund a range of renewable energy technologies, including hydro electricity, wind power, solar power and biomass boilers.

William Aitkin, one of the farmers present at the meeting, explained how he has already benefited from installing wind turbines on his farm. He told the group how he buys power for 12p per unit and receives 4p per unit of exported power, and advised that those wishing to benefit from Feed In tariffs should negotiate the purchase rate with their supplier, and consider seeking financial assistance to ensure they get the most out of their setup.

Aitkin estimated that he receives a 15-20% on capital, and in the first 12 months, received around 17.5% return, meaning that if all goes to plan, his installation should be paid back within 6 years.

Aitkin warned others at the meeting of what they need to consider if they’re to make their installation feasible. This includes:

  • Locating turbines no further than 400m from a grid connection, to avoid having to spend more on heavy duty cabling.

  • Turbines should be running at least 20% of the time.

  • Transformers and inverters should be located close to the power meter

  • Line space on a power meter needs to be booked and paid for in order for generated power to be sold back to the grid

For those in farming, now is a time full of opportunities to reduce environmental impact and expenditure, as well as giving yourself a chance to receive financial support from banks and incentives such as the Feed In tariff.

Image sourced: epSos.de

post your comment

Comments

comments

feature

One of the most effective ways to encourage wildlife into your garden is by introducing a pond. This guide will show you how to build a pond which your local wildlife will thank you for!

how to build a pond
feature

Here's just a few useful and fun ways you can use the shells of pistachios and other nuts instead of throwing them away

pistachio shells
feature

Find out how to keep your sugar intake low and avoid health problems such as joint inflammation and heart disease

sugar
editorial

Patagonia's unique approach to revealing information on their manufacturing process is something all aspiring green businesses could take a tip from.

patagonia