![]() This is automatically processed by your supplier, with the lower bills available for the next 40 years. Provided you have bought enough capacity to meet 100% of your home’s electricity consumption, you should typically save about 20-25% off your electricity bills, it is claimed. Between now and when the plant starts generating power, the household has to switch to one of the six approved energy suppliers, which include Octopus and E.ON. So how does it all work? Those putting their money in are actually buying shares in a cooperative society, one managed by Ripple. The firm says the solar park will save 19,000 tonnes of CO 2 emissions each year. We hope as many as possible become part of this pioneering project.” ![]() ![]() The aim is to create a wave of green energy ownership that enables people to make a real climate impact, as well as stabilising their energy bills. She adds: “We want Derril Water to become a blueprint for consumer-owned solar parks around the world. Sarah Merrick, the founder and chief executive of Ripple Energy, says that by offering consumer ownership, Derril Water solar park “will become a completely different kind of solar park, one owned by the people it supplies low-cost green power to”. As well as those who can’t afford that, the scheme may appeal to people who live in a property where the roof isn’t suitable for solar panels. Home solar system installations start at about £7,000, rising to more than £12,000 if you add a decent battery. Ripple says it has designed the scheme to be similar to a consumer investing in their own rooftop solar panels – except that the panels just happen to be somewhere else in the country.Īn investment of £3,000 is significantly cheaper than buying your own rooftop solar panels. Of course, a lot depends on what happens to energy prices in the future. Instead of paying the market rate for their electricity, they will in effect be paying the wholesale cost – the price the solar park would have got in the market. The company says this should result in average savings of at least £200 a year. Householders can invest as little as £25, although most people will probably want to put in a typical £3,000 to £3,600 – the amount required to buy enough generation capacity to cover up to 120% of their home’s annual electricity consumption. Ripple says this co-owned venture – which will have about 70,000 panels – will be the first solar park in the UK to share its green electricity among its thousands of owners. Instead of paying the market rate for their electricity, they will in effect be paying the wholesale cost Once up and running in the summer of 2024, the project, which is being built by one of the world’s largest independent renewable energy companies, RES, will produce enough electricity to power 14,000 homes across Britain.
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