Following the success of the world’s first inner-city, community-owned solar power project, a group has launched their second energy share scheme.
Repowering South London is now offering shares to install solar panels on the roof of another Loughborough Estate rooftop.
Brixton Energy Solar 2 will be 100% community owned, and all profits will be used to reduce the carbon footprint of the town over its 20-year lifespan. The share scheme will close to new shareholders on October 23.
Co-founder Agamemnon Otero said: “This is a true community project that has been enabled through the donation of over 1000 hours time invested by a variety of local people who are committed to a clean energy future.
“Pioneering inner-city co-operatively owned renewable energy projects has been challenging, but we are proving that with the right skills, dedication and commitment, we can all take steps to make clean energy a reality”
He added: “We hope other community groups across the UK will be inspired to take action. We want to make Brixton Energy a shining example of inner city community resilience for the next 20 years.”
Through the scheme, investors will be able to buy a stake for a minimum of £250. Brixton Energy Solar 2 looks to raise £61,500 and hope to achieve the same or better results than the money raised for Brixton Energy Solar 1 which raised £57,800 in just over three weeks following investment from people living on Loughborough Estate and in the local Brixton area.
The project will provide for a Community Energy Efficiency Fund that will support energy-saving improvements such as draught proofing and insulation, education and re-skilling on clean energy and energy efficiency in the local area. The team also hopes to repeat the success around educating the community in the second project.
Lambeth Cllr Lib Peck “The project has huge benefits for the community, including the establishment of a Community Energy Efficiency Fund that will support energy-saving improvements in the local area, such as draught proofing and insulation. This is only the beginning of the story as Lambeth council is committed to supporting Repowering South London in the co-production of further renewable energy co-operatives on our buildings and housing stock to increase energy security for residents.”
For the first time in the UK, Brixton Co-operative members will be able to invest if they wish with using the local Brixton Pound currency, and also receive their annual share payment in Brixton Pounds.
For more information, and to buy your shares, visit here.
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[…] power station was installed on the roof of Elmore House on the Loughborough Estate. It’s been a great success generating renewable energy, providing an annual return of 3% for investors and delivering savings […]