Is there green in green power for green growers? The U.K. bank Barclays thinks so, announcing a £100 million fund (about $160 million at current exchange rates) to help farmers embrace renewable energy, including wind, solar and hydro.
“What farmers see is a win-win – lower costs and increased income, and the majority expect the investment to pay for itself in under 10 years,” said Travers Clarke-Walker, product and marketing director for Barclays Business. “Meaning they are looking forward to many further years of lower energy costs and a potentially new income as they sell energy back to the grid.”
Barclays said new fund will give the U.K. a boost toward its goal of getting 15 percent of its energy from renewable sources by 2020. The bank said it worked closely with various business and agriculture organizations to develop the fund, and those organizations will continue to be involved, in an advisory capacity, with their views “fed in to consideration for loan applications.”
According to Barclays, 37 percent of the United Kingdom’s 200,000 farmers anticipate investing in renewable energy, and most of them think they will do so within the next year. “Farmers are further expecting the investment to generate returns averaging £25,000 per year,” the bank said.