Edinburgh Community Solar Co-operative has just launched a new share offer campaign to raise £1.13 million to install solar panels on public and community buildings in the city: generating clean electricity, keeping profits local, and giving everyone a chance to benefit from renewables.
The initiative will fund the installation of solar panels on 10 rooftop locations across Edinburgh, including the iconic Royal Commonwealth Pool and five schools.
Edinburgh residents are invited to become members of the co-operative by investing in the scheme, with a projected annual interest rate of 5%. Investments can be from as little as £25, with the aim of making membership accessible to as many residents as possible.
Edinburgh Community Solar Co-op launched in 2015 and has already installed solar PV on 30 sites across the city, including the Council offices at Waverley Court, 17 schools and multiple leisure centres.
The co-op’s existing solar sites are estimated to have already saved more than 2,000 tonnes of CO₂, as well as saving the council almost £850,000 on their energy bills by paying less for the electricity generated.
The organisation gives some of its profit each year to local charitable groups via the co-operative’s community benefit fund: so far more than £100,000 has been distributed to support youth projects, community groups, schools, parks and green spaces across Edinburgh.
Vicki Taylor, Chair of Edinburgh Community Solar Co-op, said: “This is an exciting next phase for our co-op, putting hundreds of community-owned solar panels on even more buildings across the city. Every installation generates more clean, green energy and helps reduce Edinburgh’s carbon emissions.
“Investing in Edinburgh Community Solar Co-op means keeping wealth in Edinburgh – generating returns that stay local and help fund community projects, rather than profits flowing elsewhere. It gives local people the opportunity to invest in something they care about, making community investment accessible to everyone.”
Council Leader, Jane Meagher, said: “Since its launch the Edinburgh Community Solar Co-op has made savings in both energy costs and carbon emissions as well as giving back to valuable community projects.
“I’m delighted that the Council continues to be closely involved with the scheme, with solar panels set for more of our buildings, and I’d encourage anyone with an interest to take part themselves through the latest share offer.”
Edinburgh Community Solar Co-op has received funding from CARES, the Scottish Government’s Community and Renewable Energy Scheme, to develop the share offer. The scheme is also supported by Energy4All and DTAS’ Democratic Finance Scotland programme. Both organisations are working in partnership to help community-led organisations to use alternative methods of raising local finance to capture wealth locally.
You can find out more and apply to join the co-operative on Edinburgh Community Solar Co-op’s website at www.edinburghsolar.coop