First community-owned solar power station launched on Brixton estate
Published by Julien Tremblin
Thursday 15th March 2012 – 9:48am
A London energy company is launching Britain’s first inner-city community-owned solar power station.
The ‘Solar 1’ project will see several hundred square metres of solar panels installed on the roofs of residential buildings within the Loughborough Estate in Brixton.
Any investor from the area can support the project with anything from £250 to £20,000, and expect an annual return of up to 3%.
A portion of the income generated from ‘Solar 1’ – through the Government’s Feed-in-Tariff (FIT) scheme – will be reinvested in a Community Energy Efficiency Fund.
This Fund will support energy-saving improvements in the local area, such as draught proofing, insulation and education on energy efficiency.
Over its 25-year lifespan, the Brixton Energy Solar 1 project is expected to generate clean electricity, reduce the carbon footprint of Brixton and raise funds to improve the energy efficiency of old homes in the area.
Brixton Energy’s share offer is seeking to raise £75,000 to fund the capital cost of the installation. Once installed, the panels will generate a steady revenue stream from the government’s FIT scheme.
The share offer closes on March 10th – and the panels should be up and running three weeks later.
Founding member and signatory of Brixton Energy, Agamemnon Otero, said: “It’s great to see the ‘Solar 1’ project finally off the ground, we’re hoping it will be a template and pioneering community project to inspire other urban initiatives across the capital.
“We want ‘Solar 1’ to help people recognise how beneficial owning their own energy can be”.