In 2012 I looked at solar PV panels but the Government changed the subsidy rules at short notice and the scheme was abandoned. But the cost of panels halved in a short space of time so we revisited the investment.
I wanted a straightforward arrangement of direct ownership. Once the formal case was put forward, funding was provided by HSBC, backed by our freehold property and other assets.
The return on investment comes from the FiTs, not having to buy in electricity and selling unused electricity to the grid. We chose M3 Solutions to install the panels, and it provided all the technical documentation and financials that were required.
It cost £918,000 and the payback period is six years.
Without the FiT scheme, there would not have been the impetus to complete the project. Unless a company was very cash-rich, such a scheme might not be installed today.
Another enormous factor is that Bywaters owns the freehold of the property, whereas most large industrial buildings are now leased from third parties and this leads to great complication.
John Glover is the managing director at Bywaters