Balcombe renewable energy project nears investment target
A project aiming to provide renewable community energy has almost achieved its fundraising target.
REPOWER Balcombe aims to make Balcombe 100 per cent energy efficient, and in its latest stage the group has attracted more than £40,000 investment of their £49,000 target.
The target needs to be met by April 6, before a crucial government tax break for community energy co-ops is withdrawn.
Residents can buy shares in the company, which will enable it to install solar panels at Turners Hill School and Balcombe Primary School. The schools will save hundreds of pounds a year thanks to the project.
The group will retain government funding to pay dividends to shareholders over the 20 year investment period, and fund local community projects tackling fuel poverty, energy efficiency and environmental education.
The minimum investment in the project is £250, to a maximum of £14,700. The rate of return is projected at 5% per annum. REPOWER installed 69 solar panels at Grange Farm in Crawley Down last month.
Carbon emission cutting campaign 10:10, which supports the project, posted on Twitter: “The good people of #Sussex have invested £40,000 in @repowerbalcombe. Only £9,000 to go! http://repowerbalcombe.com pic.twitter.com/mspP3SjoDi”