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GE and Solarcentury to get UK schools generating £68,000 from solar power

GE has formed a partnership with Solarcentury, the UK’s most experienced solar energy company, to provide financial services support for its Solar4Schools programme.

 
 
solar century
solar century
PRLog - Jul. 20, 2010 - •   GE Capital to finance school solar purchase and installation.
•   Government’s Feed-in tariff to generate income for school’s loan repayments and more for 25 years.

London, United Kingdom, 12th July 2010:  GE has formed a partnership with Solarcentury, the UK’s most experienced solar energy company, to provide financial services support for its Solar4Schools programme. The programme, which has already installed solar electric systems in over 250 schools across the UK, aims to introduce solar power to hundreds of schools across the nation over the next two years.  

For schools and local authorities looking to make savings and hedge against rising electricity prices, GE Capital, the financial services arm of GE, is offering an exclusive and unique financial package for schools. This initiative could enable schools to save up to £840 a year on electricity bills and generate an income of over £3,000 a year, without the full upfront cost of buying solar. The school will simply pay back the equipment cost over 15 years using income generated from the recently introduced solar feed-in tariffs. Over a 25 year period a typical secondary school could see income and savings of around £68,000.

Unlike other school solar initiatives, where a utility or equipment provider owns the system, GE’s scheme will mean schools or local authorities own their equipment once the lease is repaid, enabling local communities to benefit from the full feed-in tariff payments from year 15 to 25 of the scheme. GE will pay the cost of installing the solar technology, starting at £16,000, with either local authorities or schools typically funding a small initial deposit.

Comments Mark Elborne GE’s President and CEO:

“At GE we are very keen to showcase the breadth and depth of our technological and financial expertise. This unique scheme highlights how the financial services sector can help the UK in its aim to reduce carbon emissions, by enabling change.   By linking up with Solarcentury and the Solar4Schools programme, we will be able to help schools throughout the UK recognise the positive impact of green technologies by reducing their carbon footprint, saving money on their energy costs and generating income through their energy consumption”

Derry, Newman, CEO, Solarcentury:

“We’re delighted GE is helping roll Solar4Schools out on a larger scale. It’s a great example of private sector innovation for community scale benefit. Solar electricity is a very positive investment for schools, as it introduces a long term income stream as well as cutting C02 emissions and bill costs. As local authorities face budget cuts, this is an opportunity for them to create a long term revenue stream as well as educate children on the importance of renewable energy for a sustainable future. ”


Solar4Schools encourages education in environmental issues and renewable energy, providing lesson plans and a teacher kits to schools with its solar power. Also, the amount of electricity generated and C02 savings is shown on a display in school with system data available online.

The Feed-in tariff, launched by the UK’s Department of Energy and Climate Change in April 2010, pays those with solar electric systems a premium on all of the electricity they generate for a guaranteed 25 years. Solarcentury’s Solar4Schools aims get schools generating income from the tariff and taking full advantage of the scheme.

Currently there are over 29,000 schools without any renewable energy source. Schools can apply for funding via www.solar4schools.co.uk

-Ends-


Notes

- The £68,000 savings and income figure over 25 years is based on the following:
- £3,040 for generated electricity annually rising with inflation, and £840 for savings on electricity bills annually rising with predicted grid electricity prices; totalling £3,880 per year for a large secondary school.
- Income and savings figures assume that a typical solar PV system for a large secondary school would be a 9.87kWp system.
- The income figure is based on the system generating 8,400 units (kilowatt hours (kWh)) of electricity a year, assuming that for every kWp of PV installed, you will generate 850 kWh a year, and applying the Government’s generation tariff of 31.4p per unit generated for a 9.87kWp sized system.
- The majority of this income and savings is from year 15-25 of the scheme – once the school owns the system.
- The figure also assumes that on average schools will consume 100% of the solar electricity in the property and energy savings of 10p per unit. This is a national average, which assumes a south facing panel pitch of 30 – 40 degrees, with no shading.


About the Feed-in tariff

•   The feed-in tariff for schools is between 31.4p and 41.3p per unit generated from a solar electric system, depending on the size of the system installed
•   Schools receive an additional payment of 3p for the units they export to the grid
•   The payments are guaranteed by law for 25 years
•   The payments will rise with inflation
•   For more information see http://www.solarcentury.co.uk


About GE in the UK

GE has been operating in the UK since the 1930s.  Today our 18,000 employees serve the energy, oil & gas, healthcare, aerospace, financial and media industries.  We have a strong and continuing commitment to the UK economy, having invested £13bn in our British businesses since 2001.  Our 2009 UK revenues were £4bn.  From our 60 major locations, including 25 world-class manufacturing and R&D facilities, we deliver high-tech innovative solutions to the global marketplace.  Our locations include London, Aberdeen, Amersham, Cardiff, Cheltenham, Leicester, Nailsea and Southampton.

About Solarcentury and Solar4schools

About Solarcentury

Solarcentury is one of Europe's fastest growing and most innovative solar photovoltaics (PV) companies. It is the UK’s most experienced PV company.  The private organisation was founded by Executive Chairman Jeremy Leggett in 1998.  Solarcentury, now over 100 staff, continues to grow rapidly with staff levels expected to rise by another 30% in 2010/11 to meet increasing demand for products and services in the UK and throughout the EU.  The company is led by CEO Derry Newman, ex Managing Director Sony UK, and based in London, with staff in the UK, France, Italy and Spain.

Since 1998, Solarcentury has managed the installation of well over 1000 solar PV  turnkey projects.  Solarcentury has helped thousands of homes go solar through its supply of systems to house builders and through its network of regional associate installers. Solarcentury's turnover was £34.5m from 2009 to 2010. In 2008, Solarcentury was named the UK’s Fastest Growing Renewable Energy Company by UK’s Sunday Times Tech Track 100. In 2009, the company was named in the world's top 100 most promising private clean technology companies as a 'Global Cleantech 100 company' by Guardian News and Media and Cleantech Group. http://www.solarcentury.com

Solarcentury established Solar4schools in 2008 and has since completed more than 250 solar installations in schools in the UK. http://www.solar4schools.co.uk

For further information contact:
Sara Cruz / scruz@eloquipr.co.uk / 020 7534 0620 or 07980 64616-
Joanne Milroy / jmilroy@eloquipr.co.uk/  020 7534 0622 or 07802 946220
or
Mark Maguire / mark.maguire1@ge.com  /  07717 517 071 or 020 7302 6068
Charlotte Webster / charlotte.webster@solarcentury.com / 07990 583307 / 0207 8030148

# # #

Solarcentury is one of Europe's fastest growing and most innovative solar photovoltaics (PV) companies. It is the UK’s most experienced PV company. The private organisation was founded by Executive Chairman Jeremy Leggett in 1998. Solarcentury, now over 100 staff, continues to grow rapidly with staff levels expected to rise by another 30% in 2010/11 to meet increasing demand for products and services in the UK and throughout the EU. The company is led by CEO Derry Newman, ex Managing Director Sony UK, and based in London, with staff in the UK, France, Italy and Spain.

Photo:
http://www.prlog.org/10805986/1

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Contact Email:
***@solarcentury.com
Source:Solarcentury
Phone:+44 (0)20 7803 0100
Zip:SE1 7AB
State/Province:London - United Kingdom
Industry:Energy, Manufacturing, Environment
Tags:solarcentury, solar energy, solar panel, solar4school, solar, solar company
Last Updated:Jul 20, 2010
Shortcut:prlog.org/10805986
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