Business
UK's First Community-Owned Solar Battery Project Seeks Investment
AI Summary
The UK's first community-owned solar battery project is seeking investment to install a battery storage system at Ray Valley Solar, a community-owned solar park in Oxfordshire. The project aims to store excess energy generated during the day and release it during peak evening demand, increasing the project's profitability and community benefits.
The UK's First Community-Owned Solar Battery Project
The UK is set to host its first community-owned solar battery project, with plans to install a battery storage system at Ray Valley Solar, a large community-owned solar park in Oxfordshire.
Project Details and Investment
- Ray Valley Solar has 36,000 solar panels generating enough clean electricity to power about 7,000 homes for a year.
- The project uses profits to provide grants to community initiatives that help reduce carbon emissions and make homes, schools, and businesses more energy efficient.
- The battery installation, planned for October, will have a capacity to store 12 megawatt hours of electricity every day, saving enough electricity to power an additional 300 homes a year.
- The Low Carbon Hub is seeking to raise between £500,000 and £1.3m to finance the installation, offering investors up to 5% return on their investment.
Financial Impact and Benefits
By selling electricity at a higher price during the evening peak, Low Carbon Hub estimates it can increase its community benefit contribution to £1m over the battery's 15-year lifetime.
Community Impact and Future Outlook
The project has attracted huge interest from other community energy groups around the UK, with Low Carbon Hub running 56 community-owned renewable energy projects across Oxfordshire.
The UK government has pledged to spend up to £1bn on community-owned green energy schemes, but more policy support is needed to ensure everyone can benefit from the shift to clean energy.