Your local chip shop could be a new renewable energy source
Published: 03 Aug 2016 By Grace Kimberley
NatWest has warned consumers that gloomy interest rates are on the horizon, which teamed with the wide expectations that The Bank of England will make its first rate cut since March 2009 next week, isn’t exactly comforting for savers. Renewable energy schemes have been stated by many as the answer for those looking to make long term savings on consumer bills.
What schemes are the answer? Its recently been revealed that recycled cooking oil from fish and chip shops could enable consumers to make 8% return on investment, says Living Power, a renewable company that converts waste vegetable oils into electricity. According to Living Power, the majority of Britain’s waste cooking oil is generated into biodiesel, which is not the most environmentally friendly means of converting oil. Generating electricity from the oil is a much more eco-friendly conversion and in addition, Living Power use their funds to refinance the UK’s four biofuel power stations.
This investment returns one-seventh of your input each year, so the 8% is in fact a reflection of your investment over the years. Your investment would also be reflective of the revenue of the plants as opposed to the power station’s assets, which implicates a significant risk factor.
According to the Guardian, this scheme would be a great investment, but only if you were looking to invest small amounts into the projects and the average investments of consumers usually amount to about £500 per project.
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