It is great news that the new Bath Community Energy group is launching next week. This is another great initiative that has developed from the local transition movement. As the leader of the Council it is great that I can be there to support the launch.
Council hosts launch event for new initiative with carbon reduction community company
Bath & North East Somerset Council will be hosting a launch event at the Guildhall, Bath on 5th October 2011, 6pm as part of its intended future cooperation with Bath & West Community Energy (BWCE) – a social enterprise run by energy experts and community activists. The new community company supplying free solar energy panels for local schools and community buildings will launch a public share offer at the event to raise £400,000.
By BWCE asking investors to buy shares, they’ll raise money which is then invested into local renewable energy technology – at first solar panels – attracting revenues from energy sales and Government incentives. The recipient of the solar panel receives the electricity generated by their panels for free.
Peter Andrews, Director at BWCE, said, “We are launching this share offer to not only raise further funds to install solar panels on schools and community buildings, but also to involve the local community directly in owning their own electricity generating company. Shares are £1 each and each shareholder will be entitled to vote at Annual General Meetings. We intend to offer around a 7 per cent interest rate on each share, well above the rate of inflation. A portion of any financial surpluses will be reinvested into a Community Fund for further low carbon projects.
“We are delighted to be working with the Council to raise awareness of the social enterprise and to install solar panels on some school roofs in the area. Where possible, we will be sourcing labour and materials locally, making best use of the district’s internationally recognised expertise in green technology.”
The Council intends to enter into a formal co-operation agreement with BWCE. There is the potential for BWCE to install solar electric panels on local schools and work with the Council to help achieve it’s draft Core Strategy renewable electricity targets.
Councillor Paul Crossley (Lib-Dem, Southdown), Leader of Council, said, “Reducing community carbon emissions by 45% by 2026 must be a community-led effort with support from Bath & North East Somerset Council. The BWCE social enterprise sums-up this principle in a nutshell and we look forward to potentially working with them on installing solar panels on our school buildings and meeting the challenge of tackling our local renewable energy targets.
“The prospect of many schools and community buildings paying very little for their energy is tantalising as gas and electricity prices continue to soar. We are also exploring opportunities with BWCE to provide solar energy for some future Council capital projects.”
For more information about the share offer go to: http://www.bwce.coop
The Cabinet is considering the formal co-operation agreement on October 12th 2011.