First Installation Completed

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The great news is that we have now completed our first installation.

Our share offer closed on 18th November and we raised a whopping £129,700, enabling us to complete the installation at Norden Farm and plan for our next installation at Magna Carta school in 2016.WP_20151216_003

The installation work at Norden Farm completed on 23rd December, installing 38.5kW of solar panels onto 4 different roofs. This equates to 140 panels and enough electricity to power 560 LED lightbulbs 24×7 throughout the year.

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The feed in tariff application was submitted to Good Energy on the 23rd December, well in time for the end of the pre-registration period that finished on 28th December.  This means that MaidEnergy will receive the higher rate feed in tariff that we registered this installation for back in December 2014.

As of 6th January 2016 we had generated 247kWhrs of electricity. Thanks to all our investors and here’s to lots more energy generated from the sun in 2016.

 

 

Share Offer Extended

shutterstock_77073613Why have we Extended our Share Offer?

As our share offer was due to close on 5th November, MaidEnergy had raised £37,000 of share capital in just 3 weeks.

This is a really exciting amount, but not enough to start our projects.  However, we always knew that we were working in an ambitious timeframe brought about by the proposed changes to solar energy subsidies.  Following the other changes to SEIS tax relief (see earlier blog and share offer document for an explanation of this), the Directors have decided to extend the share offer until 18th November.

This means that eligible tax payers will still be able to get 50% tax relief on their investments in our share offer.  We are also talking with another Co-operative about a loan to help us reach our share offer target.

Keep applying for shares and watch this space.

SEIS and all that

What is SEIS?

SEIS or Seed Enterprshutterstock_30193669ise Investment Scheme is an incredibly generous tax scheme to help encourage new enterprises.  Individual tax payers will be eligible for 50% of their investment back as tax relief in the first year.

MaidEnergy is a Community Benefit Society, a kind of social enterprise and therefore was eligible for the scheme.  I say was, because the government recently moved to change all this.  In order for your investment in community energy to be eligible for SEIS you need to have applied for shares by 18th November.

The best place for information about SEIS is here https://www.crowdcube.com/pg/seis-tax-relief-42#benefits

What does this mean for MaidEnergy?

MaidEnergy is still committed to doing as many as possible of our 6 installations before October next year.  However, the income for investors will be less after the 18th November.  Therefore we are urging as many people as possible to invest beshutterstock_143526016fore then.

We will continue to fundraise and hope to still get more investment after this date, but we realise it will be harder.  However, if you are looking for a local, ethical investment, 4.3% is still not a bad rate of return.

To find out more go to our Downloads page or Be Part of It and get involved.

 

 

Hello from MaidEnergy

We are seeking to crowdsource the funding to put solar panels on the roofs of community buildings in our local area.  It’s as simple as that.  To help you along the way to understanding more, here are….

5 Reasons to Invest in Community Energy:

1. It benefits the environment: Most scientists now agree that global warming is caused by CO2 gas in the atmosphere and most of it has been put there by human activity.

Solar power emits less CO2 for each kW of power than fossil fuels.  An average solar panel has a carbon footprint of 72g¹CO2e/kWh compared with 487 for gas or 870 for coal fired power.

2. It benefits the community:  Owners of schools, arts centres, leisure centres etc. don’t generally have the up front money to put solar panels on the roofs of their buildings.  This way, we do it for them and they benefit from lower energy bills.  We estimate it will save our building occupiers £64,000 over 20 years.  That’s lots more money to spend on what they’re really good at – providing services to our local community.

3. It’s an ethical investment: Many of us worry about what use the money we invest gets put to by the people we entrust it to.  This way, your money is invested in local projects where you can see the benefits as you walk around our neighbourhood.

4. You may be eligible for a tax break: the best explanation of this can be found here, but if you are eligible you could get 50% of the sum you’ve invested back as a reduction in your tax bill.

5. You get a decent return on your investment: more details about this can be found in our Share Offer document, but we are hoping to offer 4.3% p.a., which is not to be sniffed at.