Chase Community Solar has been getting plenty of coverage in the national press, including an article in The Independent and a report on BBC 5 Live. The alternative approach taken by Chase Solar to tackling fuel poverty in this deprived area has caught the interest of reporters and it is hoped that other communities across the UK will be inspired to follow in its the footsteps.
The share offer has an initial target of £370,000 which would allow 150 homes to benefit from solar panels and the share offer will ideally reach £950,000 which will allow 400 homes can benefit. So far £220,000 has been raised. If the lower target is reached in time the first solar panels will be installed on council tenants homes as early as March 2015. The share offer for the scheme has one of the lowest entry points (£100) making it accessible to a wide range of people. Shareholders will not only gain a small income from the investment, they will also be able to vote on the running of the project as a member of the Community Benefit Society.
The share offer is due to close in mid February and anyone interested in becoming part of this ‘first of its type’ in the UK should make an application as soon as possible. The projected internal rate of return (IRR) for shareholders is 7% and there are additional tax incentives for most UK tax payers. As with all shares, capital invested is at risk, so please read the share offer document carefully.
Sharenergy have been pleased to be able to support the group in developing the share offer and promoting the project. If you are interested in starting a similar project in your area, please contact us.