Brighton Energy Coop has now achieved the amazing feat of raising £280,000 for our new solar PV projects. It’s been amazing experience to be on the receiving end of nearly £10,000 every day for the last five weeks – we couldn’t have done it without our members continued support.
We have therefore successfully completed our Phase 1 fund-raising target and are now moving onto Phase 2. To do that we’ve extended our share offer until February 2014.
Our next target is £420,000. Just as for members of phase one, people investing in Phase 2 will receive 5% return on their investment, as well as the possibility of a 30% tax break on the amount invested. We expect returns to rise since our principal revenue stream (Feed in Tariffs) are linked to inflation.
Phase 1 involved funding for a large solar installation at Shoreham Port. This system is now under way – soon 840 solar panels will be delivered to the Port on 26 pallets by ten trucks. Six people will then begin work on the roof – first installing the framing systems, then loading panels onto the roof and bolting them to the frames, followed by electricians putting it all together, connecting to the inverters and then the national grid. We expect to finish work before the New Year.
So now we move our fund-raising attention to another shed at Shoreham Port – shed 3a. This is similar size to Shed 10, but with an east-west orientation.
You can help. If you’ve not yet got involved you can join Brighton Energy Coop here. Have a look here for our share invitation which gives you details of the project. You can also spread the word by tweeting about BEC, posting this message on Facebook and telling your friends and family about what we’re doing.
Together we’re creating a large-scale renewable energy in the South – thanks for your continued support.
Cheers
Will
BEC
