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4 innovations that could be the future of your farm’s success
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Aldermore is the award-winning bank, trusted and highly rated by over a quarter of a million customers for more than a decade. With our range of specialist mortgages, savings accounts and business finance solutions, we’re backing more people to go for it, in life and business.
We want to get finance flowing across the UK, which is why we’ve developed a range of business finance products that are ideal for growing businesses. Whatever you need specific to your growth, we can support you in unlocking the cash tied up in invoices, fund an asset, bridge a finance gap, invest in commercial property or obtain finance for property development.
Our aim is to provide support to the undervalued and underserved to help them take the action to achieve more, ensuring we meet the needs other institutions do not.
At Aldermore, we understand the challenges you face in the farming industry, and we’re committed to helping you get the assets your business needs to thrive.
With our agricultural machinery finance solutions, staying adaptable and competitive is becoming more possible.
The need for smarter, more resilient machinery that can adapt to the ever-changing demands of modern agriculture has never been more critical.
For farmers, investing in advanced equipment is key to ensuring long-term growth and sustainability.
Let’s explore some key technological advancements that are shaping the future of farming, and could help your business grow from strength to strength.
Farming software and automation
Gone are the days of relying on manual labour alone. Computer software, along with automation, is reshaping traditional farming methods by improving efficiency and sustainability.
For instance, software is now used to plan crops, monitor soil health, and manage farm data, which is already in use on 27% of farms in England.
However, this can be costly, resulting in nearly half of the farmers not using these tools.
Enhancing yields using innovations like precision farming can also optimise your use of resources, while tackling space limitations and water waste with vertical farming and automated irrigation can help to make your farm more efficient in the face of changing climate conditions.
We know that getting hold of these assets can be challenging financially, so Aldermore can offer flexible finance options to give you a helping hand.
If you want to own new automated machinery but need flexible deposit options, or fixed or variable payments aligned to your seasonal income, find out how entering a hire purchase agreement could be what you need.
Solar power and agrivoltaic farming
Agrivoltaic farming involves using solar panels alongside regular farming activities, allowing you to make the most of your land.
Although the concept was first introduced in the 1980s, advancements in solar technology have made this method much more practical and accessible today.
By using the same land to grow crops and generate renewable energy, agrivoltaic farming can help you to increase your land efficiency by 60% and reduce the need to choose between growing food or installing solar panels.
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A good example of this is growing crops that prefer shade under solar panel installations.
Crops like leafy greens or certain vegetables can benefit from the cooler, shaded areas created by the panels.
This setup not only makes the best use of space but also helps the crops by keeping the soil more moist and protecting them from too much heat.
Meanwhile, the solar panels generate renewable energy above the plants.
By adopting agrivoltaics, you can create a more sustainable system that supports both food production and renewable energy generation, ultimately improving efficiency and environmental impact.
Head to our website to see how asset finance can help you.
Drone usage and artificial intelligence
Drones, artificial intelligence and agricultural robots are now capable of performing tasks like aerial monitoring, seeding, weeding, and even pest control, becoming almost indispensable to the industry.
Much like the software mentioned previously, these machines are able to automate repetitive tasks, in turn reducing costs and helping you to generate higher returns.
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For example, robots can autonomously harvest crops or manage livestock feeding, allowing you to focus on higher-priority activities such as business development and strategic planning and additionally, helping to tackle the issue of labour shortages.
Aldermore can also help you fund these business projects, or put a deposit down on drones and agricultural robots by supporting in refinancing your existing assets.
Hydrogen machinery
In the UK, there is growing interest and government support for the use of hydrogen machinery in agriculture and construction.
The UK government has been investing in hydrogen infrastructure and technology development to promote its adoption across various sectors, including agriculture.
Using hydrogen-fuelled machinery can help in three ways – energy independence, environmental sustainability and increase your operational efficiency.
Producing hydrogen on-site using renewable energy sources like wind or solar power can help reduce your reliance on external fuel supplies and, as hydrogen-powered equipment emits only water vapor, you would be cutting greenhouse gas emissions and contributing to cleaner air quality.
The fact that it’s highly efficient and has a quick refuelling time compared to battery-powered alternatives would help to minimise downtime and help you to complete activities faster.
If you don’t want to own your machinery, but like the idea of freeing up capital and maximising tax efficiency while reducing upfront costs, Aldermore can help you to lease the assets you need.
It’s clear that the future of farming is bright with innovation. From advanced software and automation to agrivoltaics, drones, and hydrogen-powered machinery, these technological advancements are revolutionising the industry.
By embracing these cutting-edge solutions, you can boost efficiency, reduce costs, and ensure long-term sustainability.
At Aldermore, we’re here to support you every step of the way with flexible financing options tailored to your farm’s unique needs, helping you cultivate success from the ground up.
Head to our website to find out more: Agriculture Finance | Aldermore Bank
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