Energy
Abundance launches project to fund solar panels on 19 school roofs
Renewable energy crowdfunding platform Abundance Generation has unveiled a new project, Engynious Schools, which will put solar panels on 19 schools across England and allow investors to pledge as little as £5 to help fund it.
With the systems already installed, investors in the project will get a return fixed at 6.7-7% with a bonus for those who invest early in the process. The schools get the solar panels installed for free and a 30% discount on electricity costs.
Bruce Davis, co-founder of Abundance, said, “This latest project we are offering to investors with as little as £5 to spare is a perfect example of a genuine ‘green dividend’ and right where it is needed.
“Even the smallest investor can enjoy very attractive, inflation-beating returns at low risk, the schools enjoy electricity at much lower rates freeing up money for educational purposes, and the firm running the scheme will be able to expand its operations further, increasing the UK’s renewable energy capacity.”
He added, “This latest offer is another example of how – contrary to what many think – it is possible to invest in tangible, ethical assets that do good and enjoy returns far greater than those paid from mainstream products offered by banks and other traditional providers.”
Cheryl Chatburn, headteacher at one of the 19 schools to benefit from the project, Rice Lane Infant and Nursery School in Liverpool, commented, “The children will be writing to the parents to let them know just what we are doing to help look after the world in which we live.
“For us, the teaching and learning that the solar photovoltaic (PV) system brings is our first consideration. But there are financial savings too which will come in very handy.”
The announcement comes shortly after energy minister Greg Barker unveiled plans to turn car parks and supermarket roof into ‘solar hubs’.
Photo: Edmund Tse via Flickr
Further reading:
Solar crowdfunding predicted to top $5bn in five years
Government sets out plans for ‘solar hubs’
Solar panels now on nearly 500,000 rooftops across the UK
Nottingham solar project raises £500,000 in less than a month