- Pec In Action /
- Our First Solar Share Offer
Our First Solar Share Offer
In 2014, we launched our first share offer, raising £602,000 in just six weeks, we were able to build 21 solar roofs on schools and community buildings.
In February 2014, we launched our first solar share offer to provide a fund to build solar installations. During a share offer, individuals and organisations are able to buy community shares. By investing, people become members of PEC Renewables and have a say in how it is run (find out more about PEC Renewables governance here).
Plymouth City Council showed their support by providing a loan of £500,000 from their Investment Fund. This allowed us to finalise our financial and legal models and undertake site feasibility surveys. A further £500,000 was sought from the community.
To maximise the benefits and make this as accessible as possible, we set the minimum investment to £50; allowing as many local people as possible to take part.
The speed with which the community reacted meant that the share offer closed after just 7 weeks, at £602,000. Over 50% of our supporters are from the Plymouth area showing local ownership of energy production is thought of favourably in and around the city!
After reaching our target amount, we contracted local solar specialists, to install a combined total of 0.8MW of solar PV for free on 21 schools and community buildings in Plymouth. This is the equivalent needed to power 250 homes. By October 2014, this was complete and we increased Plymouth’s solar PV generation by 6% in just one year.