GE launches solar power scheme for schools

General Electric and a solar technology specialist, Solarcentury, will today launch a scheme to help schools to invest in renewable energy.

Solar panels could cut up to £840 from a school's annual electricity bill and generate another £3,000 by feeding excess power back into the National Grid, they say.

High upfront costs can be a deterrent: installation can cost up to £16,000 for a primary and £35,000 for a secondary school. Under the scheme, GE Capital will pay for installing solar panels, after receiving a small deposit from a school.

A lease will then be paid back over 15 years, using income from the feed-in tariffs to pay for excess capacity.