The funds will be used to develop a pipeline of future projects with an ambitious target of 1000kW of rooftop solar installed for greater Birmingham by 2023.
Investors can put in between £100 and £100,000, with a target interest at 4%. “Our interest rates will be competitive,” says Big Solar, “and your investment in Big Solar Co-op is designed to be flexible so it is easier to get your money out if you need it. Shares in the Big Solar Co-op are exempt from Inheritance Tax so you can pass on your membership without penalty
The co-ops adds that it will carry out regular community share issues over the coming years and may also raise bond finance.
“We are a carbon-first initiative and our primary concern is to fight the climate crisis,” it says. “By joining and supporting the Big Solar Co-op you will in most cases be making a larger contribution to decarbonisation than you could by investing in solar at home.
“You will be joining an organisation that is bringing a new model to solar, involving many more people directly in practical action. Our panels will reduce energy bills for a range of sites, from industrial users to public buildings. We’re working to bring co-operatively-owned solar to places which are less sunny and less wealthy, with all our surplus re-invested in solar.”
Progress is being made on its work, with the first three sites signing exclusivity agreements with Big Solar and legal agreements being finalised for installation work to be done later this year 2022. “Hot on their heels is a significant pipeline of other solar sites across the UK,” says the co-op.