|Chase Community Solar
SSCE has been instrumental in the establishment of Chase Community Solar Ltd (CCS). CCS is a new community benefit Society which has launched a share offer to enable investors to make a fair financial return from solar PV panels to be installed on up to 400 Council bungalows in Cannock Chase district. The tenants in the properties, mainly elderly, will benefit from free solar electricity with anticipated savings of £100-200 per annum in most cases.
The share offer document for the project can be downloaded from www.chasesolar.org.uk. The project is expected to yield an average return of 7% over 20 years. The minimum investment is only £100. Advance assurance for acceptance for the Enterprise Investment Scheme has been granted by HMRC which means that eligible taxpayers should be able to claim 30% relief on their investment, raising the potential return to10%. Shares can be purchased online via www.ethex.org.uk
The initiative has come about as a result of an approach to SSCE from Cannock Chase Council in the autumn of 2013. The Council were concerned about the impact of steeply rising energy prices on their tenants and wanted to see solar PV installed on their bungalows so that the tenants could benefit from free electricity. The SSCE Board considered this carefully and decided that it was appropriate to establish a new dedicated BenCom to take the new project forward.
SSCE is delighted to be partnering GEN Community (another Community Benefit Society) in the delivery of a new Community Energy project. The project will fund the installation of solar photovoltaic panels on the roofs of around 20 schools across Staffordshire. It is also projected to provide a fair return to shareholders and the establishment of a Community Fund which SSCE will manage and distribute on GEN Community’s behalf to fund local energy projects in the Staffordshire area.
Panels have already been installed on the Friary School in Lichfield and Millfield School in Tamworth. Other schools which are expected to benefit from the scheme are The Willows Primary in Lichfield; Chase Terrace Technology College, Erasmus Darwin Academy, Holly Grove Primary in Burntwood, and Greysbrooke Primary in Shenstone. Four other schools in Tamworth should also benefit as will schools in Cannock, Stafford and other parts of Staffordshire.