Project will be the third community energy ownership scheme from Ripple Energy
More than 16,000 people have reserved a space to co-own a yet-to-be-built renewable energy project in the UK.
The project will be the third such scheme from Ripple Energy and is designed to allow households and businesses to buy and co-own their own source of renewable energy generation.
Like the other two projects, ownership of facility will directly translate into money off members’ electricity bills.
Ripple said the model operates the same principle as owning rooftop solar panels: members receive money off their electricity bills based on how much their share in the renewable energy site generates.
However, unlike domestic solar panels, the energy source could be hundreds of miles away and Ripple adds it is up to 70% cheaper than purchasing domestic rooftop solar.
Ripple’s first site was a single wind turbine in South Wales owned by 905 people who so far have collectively saved over £210,000.
The second site is currently under construction and will be an eight-turbine site in Ayrshire, Scotland, which is owned by 5600 people and 18 small businesses.
Eleanor Sherwen lives in London and is one of the co-owners of the Graig Fatha wind turbine in South Wales. She said: “I wanted to go beyond just a ‘renewable tariff’ and push for more renewable generation to be installed.
“I love knowing my flat is wind-powered and whilst there was an upfront cost, I’ll save far more than that on my bills over the years.”
Ripple Energy founder Sarah Merrick said: “To have 16,000 people raring to join our next project is incredible. People are gradually finding out that better green energy options are available and when they do they love it.”
Ripple aims to announce the new project in the coming months. The 16,000 people who have already reserved will have a seven-day priority window to purchase their shares in the project. After this, the priority window closes, and the remaining shares will be available to the public.
Exclusive interview with Sarah Merrick on our sister site Enlit.world. Read it here.
