North Lincolnshire Council’s plans to use Government cash to help Scunthorpe schools go green and reduce their energy bills has moved to its next stage with the creation of a community share offer.
Working with renewable energy company Energy4All, the council is inviting residents to invest in the crowdfunding-style scheme, with a minimum investment of just £50 at an expected annual interest rate of five per cent. The money will be used to extend the work being achieved with £1.4m of Government Towns Fund to fit schools with solar panels free of charge.
The scheme aims to raise another £680,000 for more schools and community buildings a community benefit society has been set up called North Lincolnshire Community Energy. It will run the community share offer, which is open now until 15 September, or when it is fully subscribed, whatever is sooner.
Schools and community buildings get the solar panels at no charge, and pay the society for the energy they use at heavily reduced rates – the initial rate is 9.9p/kWh.
Any profits generated by the society will be ploughed back into other green initiatives in North Lincolnshire.
Cllr Rob Waltham, Leader of North Lincolnshire Council, said: “This is an incredible scheme that will enable schools to future-proof their energy needs – it will bring down bills at a critical time.
“We are working in partnership with renewable energy company Energy4All to deliver this scheme through North Lincolnshire Community Energy. This is a positive way people can invest in the green economy and earn a good return.”
