Next year’s Targeted Agricultural Modernisation Scheme (TAMS) has been allocated a total €90m, with the funding increase secured intended on financing the Government’s efforts to incentivise farmers to produce renewable electricity.

Solar panels are to be grant aided at a rate of 60% for all eligible farmers and solar panel applications will fall under a standalone investment ceiling of €90,000.

Previously, solar panels have been added to all other farm investments applied for under the TAMS in a single payment ceiling calculation.

Farm dwelling houses will also be eligible for grant-aided rooftop solar panels under the 2023 scheme “as an immediate step”.

The Minister for Agriculture Charlie McConalogue stated on Wednesday that the takeup among farmers of this renewable investment measure would be “very strong” as a result of changes brought about through the higher funding allocation.

Minister McConalogue also said a review of TAMS reference costs was under way to “take into account the change in relation to the concrete levy” of 10% announced on budget day.