A turbine of this size costs an awful lot of money, more than the kind of money that most people have hanging around in their savings account, and certainly more than an average dairy farmer will have accumulated over the last years of poor or non-existent returns. In our case, despite what is said about the banks’ reluctance to lend recently, our local manager has been very supportive and is funding the entire investment. This may be something to do with the fact that they have the title deeds to the farm stuffed in a cupboard somewhere! If the bank hadn’t been interested, there are other possibilities ranging from conventional lease deals to special arrangements where the farmer provides just the land in exchange for the electricity generated but the investor owns the turbine and keeps the feed-in tariff income. The bottom line is that the more you invest, the more you earn, but if you really want a turbine, there are ways of doing it.
There is also the possibility of capital grant assistance. I applied and have been accepted for assistance from the RE:think Energy scheme administered by Shropshire Council and funded by Advantage West Midlands. This money is specifically aimed at agricultural businesses, but there also may be grants or interest free loans available through the Carbon Trust. This is the link:
I haven’t mentioned, have I, what this turbine is going to cost? It is a lot of money. It will be about £250,000 when it is all finished. There, I’ve told you now!
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