Right from the beginning – when the Galleries Shop was first set up – FLiSCA hoped to generate solar energy for the shop and so to live up to our green values. Some time ago we obtained planning permission for an array of solar panels installed along the top of the Galleries Field (carefully hidden from view by a “Haha” ditch)..
"I just sit in the café and watch it make money"
Renewable energy installations are profitable now, with a guaranteed inflation-proof price for the whole 25 year life of the system. So a call went out to all local residents seeking investment funds to finance the project. This suddenly became very urgent when the Government announced a reduction of the solar energy feed-in tariffs for schemes installed after 12th December. But we did succeed in getting the system in within the deadline.
The system is expected to produce around 13,000 kW hours per year and the cost turned out to be approximately £55,000. The investment is potentially eligible for the Enterprise Investment Scheme (EIS), which allows 30 per cent of the cost of the investment to be set against an individual’s Income Tax liability.
Potential investors should receive a good return: 4.5% pa is anticipated, ignoring the tax benefit (on top of getting their money back). This represents a substantial part of the expected returns with the remainder going to the Galleries Shop (as lower energy bills) and FLiSCA (for spending on community projects). For technical reasons the project is organised as a separate legal entity – a Community Benefit Society (CBS) – which is like a coop. It is called Freshford and Limpley Stoke Energy Community Shares (FLECS) Limited.
FLiSCA would like FLECS to have a broad community investor base. At the same time, a large number of very small investments would cause costly administration and paperwork. Therefore, contributions of at least £750 are being sought.
The full FLECS offer document is still available, which dates from the time before the system was completed, so some of the figures have changed.
Enough investors have been found to cover the cost – but some are flexible about the exact amount. So there IS still room for a few more. Interested parties should email FLECS Chair Stephen Dawson before 15th February when FLECS hopes to finalise arrangements.