BBC: Solar Farm Investment OpportunityOctober 19, 2010
Today the BBC reports that “Farms could make a fortune from fields full of solar panels, rather than livestock.”
The latest farm to make the news for installing photovoltaic panels is Worthy Farm in Somerset, the host of the Glastonbury music festival. The number of farms installing solar arrays has increased significantly since the feed-in tariff was introduced in April 2010. The tariff rewards people for generating electricity through solar power. Currently, the tariff pays up to four times the retail cost of electricity. On top of these payments the power generated can be used on site, reducing electricity bills.
Mr Eavis, the owner of Worthy Farm in Somerset, is guaranteed to receive feed-in tariff payments for the next 25 years, making a profit after the first 10. “It’s a very good offer,” Mr Eavis’ insists, “they are encouraging people like myself to have a go and to do it, and I got a good price.”
The feed-in tariff has started a land rush in some of the sunnier parts of Cornwall. Tim German of Cornwall County Council says “We have seen huge interest in the use of mainly agricultural land in Cornwall for solar farms.”The National Farmers Union says land-owners have been offered well above market prices to rent their land, as up to 50 companies are competing for space. That adds up to more than £1bn worth of investment.
Latest figures from the electricity market regulator Ofgem show that there have been more than 10,000 installations since the feed-in tariff was brought into power in April. The majority of the projects are small domestic installations, but a number of larger solar farms are starting to be installed across the UK.
EvoEnergy has experience of installing solar farms and large scale installations across the UK. To find out how we can help you call us on 08448 150 200.
Ref: BBC News