A partnership created on the TV show “The Secret Millionaire” is setting up a new fund to assist rooftop solar power projects.
Freetricity is to provide up to £150,000 in funding for the installation of solar setups for both public and private businesses.
The funding for the solar panels is provided on a “first come, first serve” basis to building owners in England and Wales.
Paul Williams said that “It will be especially attractive to those who are interested in reducing their carbon footprint but concerned about the cost of doing so.”
“We hope that this deal will allow them to see that solar is a genuinely viable alternative to traditional energy sources.”
Williams said that the fund is the biggest project of its kind in the United Kingdom and that it would help organisations to keep rising electric bills under control as well as reduce their carbon dioxide emissions. (Carbon emissions is usually used to refer to carbon dioxide emissions, but this is incorrect terminology since carbon is not carbon dioxide. Carbon dioxide is an oxide of the element carbon.)
It was reported that this fund could reach £500 million pounds. While one of the listed investors, Octopus Investments, said that it had not yet signed a deal and an agreement is likely this week, though, its own funding will not be more than £30 million pounds.
Williams said that the fund would not necessarily become £500 pounds, but said he was “reasonably confident” that other investment sources would bring the total figure well above £30m.
“We’re hopeful it will reach a significant figure”
Organizations that receive that panels will essentially enjoy free electricity and Freetricity will keep money obtained from the feed in tariffs.