Banister House Solar is the first community-owned energy enterprise in Hackney. Banister House Solar will be installing rooftop solar PV on 14 buildings at the Banister House Estate in spring 2015.
The Banister House share offer is now open. The share offer will remain open from 31st March to 26th May 2015.
Banister House residents can buy a share for a minimum of £50. People living outside of Banister House can buy a share for a minimum of £250. Shareholders will make up the membership of the society and have a say in how the project is run. Shareholders will receive interest payments on their investment, at approximately 4% per year.
The project income will be derived principally from the government’s Feed-in Tariff scheme, and the sale of the energy. The clean energy generated will power the communal areas of the estate, with the remainder sold to the National Grid. After operating costs are deducted, profits generated will be divided between providing the society members with an annual return on their investment, and the the Banister House Community Fund for fuel poverty initiatives and youth activities at the estate.
Banister House Solar has also been working with fifteen young interns who are taking part in a work experience programme to learn about the co-operative business model, and are getting practical work experience fitting energy efficiency measures. The interns will also be joining the solar installers to install the solar PV on their estate roofs.
“I think this is a good project and a chance for people at Banister House to have a better life. This project is giving kids from here the perfect opportunity to stay off the streets.”
— Lanre Alafe, 15, Banister House resident and project intern