A partnership between Glasgow-based Edison Energy and Oakapple Renewable Energy to install up to 749 roof mounted solar PV systems for Berwickshire Housing Association (BHA) has become the best performing project, in terms of conversion of visits to investment, for crowdfunding website Abundance Generation in its four-year hitory.
The scheme called ‘Oakapple Berwickshire’ is Europe’s largest ever crowdfunded solar energy project and £700,000 of the £3.1m target has already been raised since the fund was launched last October.
‘Oakapple Berwickshire’ is being rolled out over four months and will be installed on houses across the county including Duns, Eyemouth and Coldstream. Once complete it will provide a total capacity of 2,595 kW for BHA and help reduce tenants’’ energy bills by as much as 30%.
This is the second time Leeds-based Oakapple Renewable Energy has worked with Abundance Generation having successfully raised £480,000 last year to purchase a 0.435 MWp portfolio of roof-top solar PV systems on newly built residential properties across the UK.
Oakapple’s partner, Eddison Energy has considerable experience in delivering sustainable energy solutions to social housing and was also contracted to the Commonwealth Games Athletes’ Village in Glasgow.
Chairman of Oakapple Renewable Energy, Phil Taylor, is delighted the scheme has been so popular among investors.
“It is great news that so many people are keen to become involved having read about the project on the Abundance Generation website,” he said.
“A growing number of people are looking to make ethical investments and this type of project allows them to invest in renewable energy projects, enabling them to make money while supporting the planet.
“There are a number of benefits associated with ‘Oakapple Berwickshire’. The Housing Association and its tenants have nothing to pay to have the solar panels installed, and the tenants can use as much electricity generated by their solar panels as they need for free, reducing their bills significantly. ‘Oakapple Berwickshire’, on the other hand, will benefit by earning revenues from the Government’s Feed-in Tariff scheme.
“Furthermore investors in the scheme will have the opportunity to receive an effective rate of return of 7.5% before tax and after fees over 20 years.
“As far as an investment is concerned this really does tick all the right boxes.”