For our Community
Our ethos is centred on helping our community. Huge benefits can be derived from investing in renewable and low carbon energy sources. But many local people do not have the right home or the ready cash to invest in their own home system. Only about 10% of the homes in Basingstoke are suitable for solar PV. These homes have a roof that faces in the right direction, that are unshaded and the owners have the money to invest several thousands of £'s. But what about the other 90%? Many individuals and organisations in our community want to benefit from renewable and low carbon energy but can't.
The Basingstoke Community Energy Fund Society (CEFSoc) gives a real chance for everyone to benefit. Anyone can invest as little as £500 in the Community Fund and up to as much as £100,000.
We will pay investors a good rate of interest - about 5%. We expect to be able to offer our first community share offer these autumn. If you are interested in finding out more or receiving a share prospectus contact us here.
The money invested in the fund will be used to build large solar "farms" on the roofs of industrial and office buildings in and around Basingstoke. These bigger systems can be built on ideal south facing roofs, and, because they are larger, are more efficient to run and cheaper to build.
The roof owners will get the benefit of cheap zero carbon electricity from the panels on their roof and from having a lower carbon footprint. The fund will receive income from the electricity companies in the form of feed-in-tariffs and rom the roof owner. This income will be used to pay members the interest on their investment. Any surplus money will be re-invested in the Community Fund.
Money invested in our CEFSoc will be able to serve notice and withdraw their funds at regular intervals. This is a benefit when compared to purchasing a system for domestic installation which is a much longer term investment choice. Clearly we cannot offer the liquidity of cash reserves that you would expect from a current account or instant access saver accounts but the returns that we will pay are much higher. The period of notice and frequency of routine investment redemption will vary between share issues but the principles are the same. We offer a semi-flexible investment option for those that would like to use their savings to do more for their community and earn more of a return than the more conventional short or instant access financial products.
Investing in the Basingstoke CEFSoc will help to:
- Create local jobs and build a pool of local professional expertise in renewable and low carbon energy technology
- Deliver good value renewable energy supplies to sites that engage with our solutions without using the hosts’ scarce capital funds and make our local community more prosperous.
- Educate our community and especially our younger generations about the potential for renewable and low carbon energy solutions that are available within our Borough.
- Liberate community groups, SMEs and other good causes that are able to host one of our renewable or low carbon solutions from an energy supply sourced exclusively from the National Grid.
We are currently in dialogue with organizations within our community and hope to secure an agreement to develop a large Photovoltaic system for their roof in the near future.
Our fund is asset locked and regulated by model rules that are registered with the Financial Conduct Authority. The fund is an Industrial and Provident Society that is run by its members for the benefit of our community. Membership of this society is available to everyone who invests in the fund.