What we did in 2015
We launched our second solar share offer in February 2015 and once again, anyone over 16 years old could purchase community shares; the minimum investment was £50 and the target interest was 6%.
We were again fortunate to have the backing of Plymouth City Council, and funds raised from this Share Offer were supplemented by a £500,000 loan facility from them.
Our second share offer closed in May 2015 at £850,000.
This amazing result has funded solar PV roofs on more of Plymouth’s schools and local businesses, including the iconic Plymouth Life Centre. Installation is now complete on:
- Mayflower Community Academy (see press release here)
- Marine Academy Primary School
- Marine Academy Secondary School
- Plymouth Life Centre
- Hele’s School
- Compton Church of England Primary School
- Tor Bridge High
- Shekinah Mission
- Plymouth Science Park (Scott & Raleigh Buildings)
- Proweld UK
The solar installations help reduce energy bills for the host building, provide great educational benefits and the surplus funds will be transferred to Plymouth Energy Community to continue to tackle the challenges of energy costs, fuel poverty and climate change.
Combined with our 2014 solar roofs, we are already saving host schools and organisations a whooping £90,000 per year.
“The solar panels not only save us money but also incorporate into the children’s learning about the environment and renewable energy; enhancing their real-life curriculum experiences” David Samuels, Headteacher, Mayflower Academy School
Plymouth Life Centre’s solar roof
Our largest solar roof on Plymouth’s busiest leisure centre is generating clean energy! Thank-you to our partners CleanEarth for their patience and hard work on what has been a challenging project. Although you won’t be able to see the panels from the ground, you will find a digital display in the main hallway of the centre showing generation data and information about the solar roof.
The Observer Ethical Awards and Shekinah Mission story
In July 2015, we were ‘elluvaproud’ to be crowned with The Observer Ethical Award for Community Energy in London. This was an amazing accolade and one that also rewarded us with £5000 in prize winnings from National Grid, who sponsored the award.
We used this money to install a solar roof on the Shekinah Mission, a Devon-based charity that provides opportunities for people in recovery. We’d wanted to help them before but their roof was too small to be financially viable for inclusion in our larger project. We had some spare solar panels from a previous installation which we wanted to see used and thought what better way for us to benefit our community than to help such a valuable Plymouth service. Read the full press release here.
“This is another great example of groups working together to benefit some of the most vulnerable people in our local community.” John Hamblin, Chief Executive of Shekinah
How it works
PEC Renewables are paid by the host buildings for the solar energy that they use (at a reduced rate) and we will sell surplus energy back to the grid. In addition, we will receive a government subsidy called the Feed-in Tariff for every kW generated. These funds are then used to manage and maintain the arrays and also to pay interest back to our community shareholders.
The installations generate surplus community income allowing support of our current and future projects that tackle fuel poverty and climate change for years to come. Click here to read about success of our first solar share offer.
The success of our share offers are thanks to the support of our partners:
- Plymouth City Council
- Communities for Renewables CIC
- Foot Anstey
- Francis Clark
- Share Registry Trust
- Knowledge Collective
- Trillion Fund
Our solar installers
Our solar installers are all based in Devon and Cornwall:
- CleanEarth (Plymouth Life Centre, Marine Academy)
- Hyde Park Electrical (Mayflower School, Coombe Dean School)
- 5D Group (Torbridge School, Hele’s School)
- SunGift Solar
Find out more
Go to the PEC Renewables Governance page to read the Rules governing the Society, see share offer documents, AGM minutes and read Financial Reports.