Barclays has launched a £100-million fund for UK farmers investing in renewable energy, tracking the massive groundswell of interest from farmers seeking to cut energy bills and generate new income. The financier released details saying that it expects more than 37% of the UK’s 200,000 farmers to invest in renewable energy in 2012.
In the survey conducted by the bank, four out of five farmers recognized that renewable energy could provide significant decreases in production costs. Barclays predicts that the costs of wind and solar projects could fall by 50% in the next three to five years. Therefore, its new fund will support the UK’s commitment to generate 15% of its energy from renewable energy sources by 2020.
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