|Chase Community Solar
Late last year SSCE was approached by Cannock Chase Council about a possible scheme to install solar PV on a number of their Council homes. The Council wanted to enable their tenants to save up to 50% on their electricity bills, so helping to reduce bills and alleviate fuel poverty in addition to saving carbon.
Following a detailed appraisal a new Community Benefit Society – Chase Community Solar Ltd. – has been established to take this project forward, currently with the same Board as SSCE. CCS have agreed a roof lease with the Council, installers J.Tomlinson have been appointed and negotiations are underway with the grid operator regarding connecting the installations to the grid. IN addition £35,000 has been raised from a Pioneer share issue to fund the development and marketing costs for the project and share issue.
CCS will be launching a share offer to fund the installation of the solar PV on the Council homes in the near future. This is expected to yield an IRR of 7% in addition to which advanced assurance for the Enterprise Investment Scheme has been applied for. If this is granted taxpayers will be able to claim 30% relief on their investment, subject to meeting the rules, raising the potential return to c.10%. You can register to be informed of the launch event and/or to receive the share offer document by emailing firstname.lastname@example.org and you can keep up with news on this exciting project at www.chasesolar.org.uk
At the Annual General Meeting of Southern Staffordshire Community Energy Ltd on Thursday 19th June the members agreed to change the name to Staffordshire Community Energy Ltd to reflect a broader vision of our potential activities. In addition changes to the rules were agreed to enable the Society to undertake further projects by enabling it to establish Special Project Funds of which the current St Giles Hospice and Whittington Village Hall PV projects are the first. We are currently awaiting approval of these changes by the Financial Conduct Authority.
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.