636kW rooftop in Banbury, Oxfordshire - it funds a community benefit fund of Low Carbon Hub.
Low Carbon Hub’s ambition is for the whole of Oxfordshire to be powered by an interconnected series of smart micro-grids, centred around small-scale renewable energy projects. A 636 kW PV rooftop project recently was completed.
The last of 2,446 solar PV panels went up recently on a 636kW rooftop project at Prodrive’s massive headquarters in Banbury Oxfordshire, making it the biggest community-owned rooftop solar PV installation in the UK.
13 PV rooftop projects across Oxfordshire
The project is one of 13 rooftop solar PV projects completed over the summer by Oxford based social enterprise Low Carbon Hub on schools and businesses across Oxfordshire. Low Carbon Hub is funding the installation with a mix of loans and a community energy share offer, with returns for investors projected at a bank-beating five percent plus, based on RPI plus of three percent.
Low Carbon Hub`s community benefit fund
The project’s size is significant not only for the 636 kW of clean energy it will generate for Prodrive and the national grid, but because of where Low Carbon Hub’s revenue (from electricity generation, export and the feed-in tariff) will end up: One third will cover installation and maintenance cost, the other third will pay investors returns and the final third, 100 percent of Low Carbon Hub’s own surplus, will go into Low Carbon Hub’s community benefit fund. The Prodrive project will add £ 240,000 over 20 years to the Hub’s community benefit fund, projected at £ 3.5 million over 20 years.
£ 3.5 million for a new energy system
Low Carbon Hub’s Community Energy Manifesto sets out their ambitious vision for this £3.5 million fund, which will include further renewable energy installations in Oxfordshire, demand re duction and efficiency projects, and innovation pilots:
CEO Barbara Hammond said: “We worked very hard during the 2015 ‘clean energy dash’ to beat the FiTs accreditation deadline for all of the projects in our 2016 Low Carbon Hub Solar PV Share Offer. Now we want to invite local people who believe in a better energy system for Oxfordshire to invest in this portfolio of solar projects and earn themselves a bank-beating return.”
Re-investments in the local community
The Hub, winners of this year’s prestigious Ashden award for sustainable energy, is working with a wide range of local partners, including schools, businesses, community groups, councils and innovation hubs, to bring a clean energy system to Oxfordshire. David Richard, chairman of Prodrive said: “As we are developing the next generation of automotive electric and hybrid systems here in Banbury, it was very obvious that we should use our roof space to generate clean energy for the building. The scheme run by the Low Carbon Hub is an excellent way to reduce our carbon footprint, lower our energy bills, while also generating significant funds to re-invest in further schemes within the local community.”
The installation will help the technology and motorsport company save over 5,600 tonnes of CO2 over the lifetime of the 20-year project and enjoy discounted electricity, at no cost to the business. (HCN)
