Tuesday, 26 June 2012
Green Electricity and a good financial deal
Photo Voltaic solar panels that were installed on the roof of are now providing 50Kw of green electricity on the Civic Centre. The Council invested £110k and expects to get a 6 year payback on the investment. This is something I helped instigate when I was Cabinet Member for Central Services and I fully support this type of initiative because its green and makes financial sense. The Council is receiving a subsidy from Central government which is linked to RPI and also based on current electricity costs. It is highly likely that electricity will double in the next 10 years. Currently Arun has reserves of about £9 million which in the current environment is only receiving an interest return of about 2.5%, with this investment the council will receive a return of about 18% or more, it’s a very good deal for local tax payers and a good example of green leadership. I hope we can install panels on Social Housing as well.