to all of you who have registered an interest in SidEnergy and especially those
of you who attended our launch meeting on 14th November 2013 at the
Norman Lockyer Observatory.
nearly 100 Sid Valley residents and businesses are on our database and we are now
campaigning to try to reach our first target of 1,000. This is the figure that we believe will give
us sufficient power to negotiate lower energy bills and establish beneficial partnerships
with local suppliers of energy conservation measures and renewable energy
Where are we now?
We are in
the process of registering SidEnergy as a Community Finance Co-operative with
the Financial Conduct Authority (FCA).
This will allow us to offer shares from a nominal value of £1 up to
£20,000. These investments are protected
by the FCA up to the top value so there is no risk to anyone in the community
who wants to invest. Under the rules we
cannot pay dividends but we will use any surpluses from our activities to fund
community projects. In addition, we hope
that as we develop local renewable energy projects that our community members
and shareholders will be able to invest in those projects and get a financial
return from them.
busy putting in place the infrastructure that allows us to start delivering
community energy projects. The website
is up and running at www.sidenergy.co.uk
and content is being added so this will be the best place for you to check on
progress. We have received an initial
grant of £2,500 to run Open Homes events (more on this below). We are
also applying for a £20,000 grant to enable us to look at the feasibility of
renewable energy sources in the Sid Valley.
Department of Energy and Climate Change (DECC) have
produced a report “Helping Customers Switch – Collective Switching and Beyond”
which shows how groups like SidEnergy have negotiated discounts with the energy
suppliers to give average reductions of £131 per annum on dual fuel bills. This report can be viewed on our website and
shows that group purchasing can get an effective 10% discount which sets a
benchmark for SidEnergy to negotiate with suppliers. We are developing plans to approach the
suppliers but we do need to show that have enough potential customers who are
prepared to switch. So please encourage
your relatives, friends and neighbours to sign up with us.
weekend of 15/16 October 2014 around 12 homes owned by SidEnergy members will
be open so that you can see how energy conservation measures and renewable
energy technology has been employed to minimise energy costs.