Community share issue to be launched on first day of H.Energy Week, 17th – 23rd October 2011
The first share issue for a community owned renewable energy scheme in Herefordshire is being launched as part of Herefordshire’s h.Energy Week on 17th October 2011.
Leominster Community Solar Co-op has been set up to install a large solar photovoltaic array on the roof of the Bridge Street Sports Centre in Leominster. The electricity will be used by the sports centre, or when not needed, fed into the national grid. The 49kW array will generate enough green electricity to save approximately 22 tonnes of carbon dioxide a year.
Andy Talbot of Halo Leisure, a local social enterprise that runs the sports centre says: “We’re delighted by this opportunity to reduce our carbon footprint and electricity bills and provide our members and local people with a green and ethical investment opportunity.”
£150,000 needs to be raised in investment to fund the installation of the solar array. It will be one of the first schemes of its type in the UK to be wholly owned by the community.
The share issue, which should also be eligible for Enterprise Investment Scheme tax relief, will be open to all. Minimum investment is £250 with the limit being set at £20,000. If the scheme is oversubscribed priority will be given to those living closest to the sports centre.
Those who choose to invest will see returns on their investment averaging a predicted 6% per year over the 25 year life of the investment, with their original lump sum being paid back at the end of this period.
According to Eithne George at Sharenergy, “Community ownership means that local people have the opportunity to financially benefit from renewable energy on their doorstep. Investing in this scheme will generally give people better returns than their savings accounts are offering and they know that without them, the project wouldn’t happen”.
The solar array will be installed by Hereford-based Southern Solar, who successfully completed the first 100% community owned solar array in Lewes, East Sussex.
Ben Whittle from Southern Solar, says “Living in Herefordshire, I have been very keen to get a community-owned renewables project off the ground for some time. Southern Solar are looking forward to seeing a public building benefitting from the tariff scheme which so many private businesses and homes are taking advantage of.”
It is hoped this will be the first of many projects for the area and around the country, as the demand from community groups for solar projects is enormous, but it will depend on what the government does in the next review of the Feed in Tariff, which is scheduled for the end of this year. This project, however, will not be affected by any changes by this review, as it will be installed before changes are scheduled to be implemented.
For further information contact Eithne George - eithne@sharenergy.coop or 07912 100665
