TONIGHT, the council’s decision-making executive will discuss plans for a local community energy scheme.
Cllr Gregor Murray, executive member for resident services, communications and emissions has described the scheme as an independent community action group.
If approved, the group will be called Wokingham Community Energy (WCE).
Under the plans, WCE would raise money by selling community shares in the scheme, with income raised used to roll out green energy projects in the borough.
Cllr Murray called it a “fantastic opportunity” to create sustainable energy projects.
“This is very much a local scheme, with funds invested to improve the amount of sustainable energy generated locally, and with excess profits put back into local green initiatives,” he said.
Profits made by the scheme – through the sale of green energy to customers or back into the national grid – would be used to pay interest to shareholders, with the remainder going into a pot to fund green projects and initiatives within the community.
Cllr Murray added: “It’s also an opportunity for local people and businesses who are committed to tackling the climate emergency to get involved, either by becoming an investor in the fund, or by working with the Wokingham Community Energy scheme to identify and roll out local projects.”
If approved, the scheme would work closely with Energy4All, the national body established to help implement similar initiatives across the UK, and the Reading Community Energy Fund (RCEF), a similar project launched in 2016.
“By working closely with these well-established and successful groups we will be able to benefit from their advice and use their best practice in rolling out the new Wokingham Community Energy scheme,” Cllr Murray added. “However we are adamant that any money raised from shareholders will be ring-fenced for projects within Wokingham Borough and that the community pot will also be used locally.”
Potential projects could include installing large banks of solar panels on top of public or large commercial buildings. Those leasing space to the scheme would be able to benefit from improved green credentials and the chance to buy green sustainable energy back from the scheme at preferential fixed rates.
If approved tonight, Cllr Murray said he hopes the scheme will launch in the spring with more information for interested investors in March.
Plans will be discussed at the executive meeting at 7pm tonight. Visit the council’s website to watch.
