Funding for Solar Panels on Farms: TAMS 3 Scheme to Help Farmers Adopt Renewable Projects
The Irish farming community is set to benefit from a new scheme aimed at helping farmers adopt more renewable projects. The Targeted Agricultural Modernisation Scheme (TAMS 3) will provide funding for capital investments on farms over the next five years, with a budget of €370m. The first tranche of the scheme, which opens on February 22, will provide funding for solar panels on farms.
Funding to Meet the Appetite for Renewable Projects
Farming, food, and agribusiness specialist professional services firm Ifac has welcomed the news, saying that the funding will help to meet the appetite for renewable projects in the farming community. According to a report by Ifac, over half of Irish farmers see the level of financial investment required and low returns as the biggest barrier to adopting renewable projects. In addition, more than half are concerned about rising electricity and gas costs at home.
Increased Investment Ceiling and Grant Rate
The solar scheme will be ringfenced with its own investment ceiling of €90,000 and will be grant-aided at the enhanced rate of 60%. This means that farmers can benefit from a higher grant rate and increased investment size, from 12kW to 62kW. The investment ceiling will also be reset to €90,000 per holding for the duration of the scheme, allowing every farmer who benefitted under TAMS 2 to reapply in full under the new scheme.
Tackling Rising Energy Costs Proactively
The introduction of the solar investments first is a priority for the Minister for Agriculture, Charlie McConalogue. He says that the scheme will help to reduce farmers’ dependence on fossil energy and generate their own power, tackling rising energy costs proactively.
The availability of funding for solar panels will have a positive long-term impact on the sector overall, rural Ireland, and the environment. It will help farmers to adopt sustainable practices and take climate action, meeting the growing demand for renewable projects in the farming community.
Contributing to Ireland’s Climate Targets
The availability of funding for solar panels on farms is a significant step towards meeting Ireland’s climate targets. The agriculture sector accounts for around one-third of Ireland’s greenhouse gas emissions, with livestock being the main contributor. The adoption of renewable projects such as solar panels can help to reduce the carbon footprint of the sector and contribute to a more sustainable future.
In conclusion, the new funding for solar panels on farms through TAMS 3 is a welcome move for Irish farmers. It will help to meet the appetite in the farming community for renewable projects and tackle rising energy costs proactively. The increased investment size and higher grant rate will encourage farmers to adopt sustainable practices and take climate action, contributing to a more sustainable future for Ireland.