Chase Community Solar
Chase Community Solar Ltd
Aware of the burden that increasing electricity and gas prices were having on household budgets, the Cannock Chase Council approached Chase Community Solar late last year to see if solar PV panels could be installed on Council bungalows, supplying tenants with free electricity when the sun shines, and enabling savings of up to £250 p.a on electricity bills.
Following a great deal of hard work by a team of volunteers CCS are now about to launch a community share offer to raise the funds to install panels on up to 400 Council bungalows across the district. The panels will be owned by Chase Community Solar and the electricity generated will be supplied free of charge to the tenants. For a variety of reasons (angle to the sun, shading, roof size, grid capacity constraints) not all bungalows will be suitable.
The Feed-in Tariff will be used to pay annual interest to shareholders with a predicted internal rate of return of 7% over 20 years – tax relief on the investment may also be available. The minimum investment in the project will be £100. There is expected also to be surplus income which will be paid into a community fund which will be used to fund projects of benefit to a wider section of the community.
The launch of the share issue and project took place on Tuesday 4th November 2014 and drop in sessions have been held.