Sun setting fast on solar energy investment window

Reporter: Martyn Torr
Date published: 07 September 2011


SOLAR energy represents an unrivalled business opportunity — but the investment window is closing fast.

Uppermill entrepreneur Matthew Pomfrey, a former One Oldham business awards winner in the innovation and design category with Synergy Building Services, has attracted a multi-million investment to his latest venture, SolarEnergy4Free.

Currently working from the Rose & Crown Business Centre in Delph, he will open an operations centre in Greenfield, on the new business park in Wellington Road, at the end of the month to house 60 new staff.

These were recruited with the aid of The Oldham College, through their new business centre in Union Street.

Mr Pomfrey said: “We are all ready to go and are just putting the final details in place.

“Solar energy is the future, there is no doubt about that.

“However, the Government has announced that from April, next year, they will close the Enterprise Investment Scheme (EIS) to this type of business.

The EIS offers 30 per cent tax relief to business angels and serious investors — it’s the Government’s way of encouraging entrepreneurs from the private sector to back new business ventures.

“The banks simply aren’t filling that gap and the Government has recognised this fact, but the window of opportunity will close in the next budget.”

SolarEnergy4Free is one of a number of companies set up to exploit the market for renewable energy sources.

They install systems on the roof space of south-facing homes — free and with maintenance costs covered or home owners can choose to invest and purchase a system.

“The returns are way above anything you could get on an ISA,” said Mr Pomfrey, whose business model has attracted support from a major finance house.

He is keen to speak to Oldham entrepreneurs looking to invest in a business of the future.

For further information, visit wwww.solarenergy 4free .co.uk.