Low Carbon Hub, a social enterprise which develops community-owned renewable energy projects in Oxfordshire, has exceeded its initial target of £500,000 in community investment for the UK’s first community-owned solar energy battery, a month ahead of the project deadline.
Around 270 people have invested more than £640,000 in the project to install battery storage at Ray Valley Solar, one of the largest community-owned solar energy parks in the UK. Set up by Low Carbon Hub in 2022, Ray Valley can generate enough clean electricity to power around 7,000 homes.
The project, which is open for investment until 26 June, is now over-raising, meaning even more of the battery will be owned by the community. The total battery cost is £1.8m, with anything not covered by community investment met through loans. Every additional penny invested by the community means reduced reliance on loans, and more benefits for the community, says the Low Carbon Hub
“The interest shown in the project so far has proved that there is huge appetite for community energy projects in Oxfordshire and beyond,” said CEO Barbara Hammond. “Thanks to almost 300 investors, we’re delighted to have reached our initial target, but we’re not stopping there.
“Investing means you’ll have played a big part in building the UK’s first community-owned solar battery system. The more money we raise from the community, the more the project will be owned by the community and more of the profits flow back into other community projects through Low Carbon Hub’s work.”
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Currently, not all of the energy generated at Ray Valley can be used when it is needed most, the Low Carbon Hub adds. On very sunny days, it produces more electricity than the local grid can use so some clean energy is lost. Meanwhile, energy prices are also usually lower during the day, when more solar energy is produced, meaning that power that is generated earns less money than it could.
In a bid to tackle this, the battery will capture surplus solar electricity that would otherwise be wasted and store it for use later in the day. Each year, it is expected to save around 809 MWh of clean electricity – enough to power around 300 homes annually.
By releasing that stored solar power during peak demand, when the grid is more carbon intensive, the battery will deliver an additional 102 tonnes of carbon savings every year – equivalent to taking around 45 cars off the road, the Hub claims.
Low Carbon Hub says all profits from its renewable energy projects are invested into other community sustainability initiatives such helping schools, homes and businesses become more energy efficient and reduce carbon emissions.
Low Carbon Hub is one of the biggest community energy organisations in the UK and has 56 community owned renewable energy projects across Oxfordshire.
Members of the public and organisations can buy community shares in the Community Energy Fund via the direct impact investing platform, Ethex. Investments start at £100, with a maximum investment of £100,000. The community share offer opened on 26 March and will close on 26 June. Currently, there is £60,000 in match funding available provided by organisations including We Have The Power, which means investments will effectively be doubled.
