New green energy cooperative will give residents training and ethical investment opportunities
Hackney Council has announced plans to create an energy cooperative that will allow residents to invest in local power generation.
Under the scheme, residents will be invited to buy a share in renewable energy generation from solar panels installed in their neighbourhood.
The project will be managed by Hackney Energy, a new partnership forged by the Council and energy charity Repower London which aims to reduce fuel poverty.
Youth internships and apprenticeships through the installation of the solar panels will be created by the scheme as well as socially responsible investment opportunities to residents.
The project will also increase awareness about energy efficiency and provide a financial return to investors, while helping to reduce Hackney's carbon footprint.
Hackney Energy will identify the estate shortly and start engaging with residents. Fundraising for the panels will start shortly and the installation of the panels is expected to begin in Spring 2014.
I am very pleased the Council has been able to enter into this partnership with Repower London to develop this pilot energy co-operative which I hope will be a great success.
The aims of the co-op and, in particular, the actions to promote energy efficiency, reduce fuel poverty and get young people into work are ones that I and Hackney Council fully support.