A large number of school and community buildings in Oldham have the potential to generate some or all of their onsite heat and electricity using renewable energy technologies. The cost of the technology would be covered through a combination of selling the electricity directly to the sites and from UK Government incentives for installation, including the Feed in Tariff.
In addition, there is a potential to use some of the income to support centres with refurbishment works and energy efficiency measures, and by retaining ownership of the energy produced in the communities around where it is used, the money gained by sale of the electricity remains in Oldham to cause wider economic benefits to the borough.
Uncertainty surrounding the UK’s economy is all around us following the decision to leave the European Union, with more and more reports being released predicting significant rises in energy costs over the coming months and years.
Against this background of pessimism, the predicted increase in energy costs and static or falling interest rates in the UK will actually make community energy an increasingly beneficial investment for investors and the groups benefitting from the energy generated. This excellent comment shows why investing in community energy makes more and more sense.