A third of farmers plan investment in renewables
Fears over rising energy costs mean that a third of UK farmers are planning to invest in renewables in the next two years, according to new research from Barclays.
For those who have invested or are considering investing in renewables, the favored forms are as follows: solar (51%), wind (43%), biomass (15%), ground source (4%) and hydro (2%).
Of those farmers not considering investing in renewable energy, the main reason given was that it would be too expensive (18%).
Other reasons include lack of time to consider (15%), a lack of understanding as to how it would help (13%) and return on investment (11%).
The study also reveals that over one quarter of UK farmers see rising costs as the single biggest threat to their business in the next five years, with one in ten also worried about price volatility.
Commenting on the research, Martin Redfearn, head of agriculture at Barclays, says: “Most farmers see a move towards renewable energy as another form of diversification – and rightly so, as it can substantially cut energy costs and create new revenue.”
He adds: “Investment in this relatively new technology is a big step, but there is plenty of support out there for farmers who want to know more.”