A Thirsk youth activity centre is set to cut costs and become more sustainable after installing 40 solar panels with support from an asset finance facility from Lloyds Bank.
North Yorkshire Youth has invested £12,000 in fitting solar panels onto the roof of the Carlton Lodge Activity Centre, which will help the facility generate roughly 1,200kWh of solar electricity per month.
The centre expects a return on investment from the panels within six years, with the savings being reinvested into improving its accommodation and training courses.
The organisation provides outdoor experiences including kayaking, high ropes courses and bushcrafts. As many as 5,000 schoolchildren and youth club members visit the centre each year, which is located at the foot of the North York Moors.
David Sharp, chief executive at North Yorkshire Youth, said: “Reducing the impact we have on the environment is important to us, as many of the activities we provide are closely linked to nature and the outdoors.
“We used asset finance to purchase the solar panels as it helped us release capital from the property we own, helping us keep our cashflow under control.”
Arthur Asquith, relationship director at Lloyds Bank Commercial Banking, said: “The savings recouped from the solar panels will help the centre to provide an even better experience for its visitors.
“However, many organisations remain in the dark about the range of financing available. Research from Lloyds Bank shows that only a quarter of firms in the region are aware of asset based lending.
“We have a team of relationship managers working across the region to help businesses realise the scope of funding options available to help them grow and thrive. It’s one of the ways we’re working to help Britain prosper.”