GB Energy, a state-owned firm in the United Kingdom, announced a solar project for schools and hospitals that includes a $260 million investment in solar panels. This is the first investment from GB Energy since it was established last year to help lower energy bills.

Investment in Solar

According to a statement report, GB Energy is key to improving public services in Britain, reviving the economy, and driving investment in renewable energy.

The UK government says the firm will pay for the solar panels, which are for schools and hospitals. The first installment of the project is aimed for this summer. Just over $100 million of the investment will benefit schools, and the other $160 million will go towards hospitals. The project will install solar panels on the rooftops of 200 schools and 200 hospitals.

This solar panel project will reportedly provide enough power for classrooms and operations, with the possibility of selling leftover energy back to the grid. According to the British government, both education and healthcare systems have been hit hard with high energy bills, ultimately impacting the taxpayers.

The country expects the project will save over £400 million (over $517 million) over 30 years. They estimate that a typical school could save £25,000 per year, while a typical hospital could save almost double that figure on their annual energy bill.

“Right now, money that should be spent on your children’s education or your family’s healthcare is instead being wasted on sky-high energy bills,” said Energy Secretary Ed Miliband.

Education Secretary Bridget Phillipson sees another potential outside of cutting energy costs. “The installation of solar will not only benefit schools financially, but will support pupils to develop green skills,” she said, “promoting careers in renewables and supporting growth in the clean energy workforce.”

Currently, only about 20% of schools and under 10% of hospitals have solar panels installed.