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Sign up starts for SidEnergy’s share scheme

13:33 26 June 2014

Rita Hedley signing up as the first investor of SidEnergy with director Derek Chant

Rita Hedley signing up as the first investor of SidEnergy with director Derek Chant

Archant

Supporters of the Sid Valley’s energy cooperative can join together and feel the benefits after its membership share scheme launched last week.

SidEnergy is now offering preferential rates with installation firms, while future projects could deliver a return on investments.

The cooperative is an arm of the Vision Group for Sidmouth and launched the share scheme at its annual general meeting last week.

Director Joel Venn was quizzed by the attendees and conceded that SidEnergy is only in its early stages but would benefit from any expertise that residents can give.

Members hope to bring financial, social, economic and environmental benefits to the Sid Valley, such as by installing solar panels on different buildings.

The scheme will give free power to the building, while the proceeds from the feed-in tariff will go back to the shareholders who invested.

Lower income households could also benefit from a similar setup to help pay their bills.

And individuals are recommending local firms they trust so SidEnergy can use its nearly 300-strong following to negotiate deals shareholders cannot expect alone.

Shares are offered at a rate of £10, however donations are accepted above that amount. As a not-for-profit company SidEnergy cannot pay shareholder dividends.

For more on the cooperative, visit www.sidenergy.co.uk.

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