16,000 people have reserved their space to buy shares in Ripple Energy’s third consumer owned energy project.
As with Ripple’s previous projects, members’ investments will translate into reduced energy bills based on how much renewable energy is produced at the site.
Ripple’s first partner, the Graig Fatha wind turbine in south Wales, is owned by 905 members. Since the turbine became operational in March last year, members have saved a collective £210,000 on their bills – an average saving of £230 per member. Ripple recently agreed a new fixed price agreement for Graig Fatha, which is expected to save the typical member around £783 on their electricity for the coming year.
The second site, currently under construction, will be an eight-turbine site in Ayrshire, Scotland. It is collectively owned by 5,600 people and 18 small businesses.
Ripple says investing in its energy projects is similar to owning rooftop solar panels, but unlike domestic panels, the energy source is not attached to people’s homes, meaning anyone can invest from anywhere in the country. It is also up to 70% cheaper than purchasing rooftop solar panels.
One of Graig Fatha’s owners, Eleanor Sherwen from London, said: “I wanted to go beyond just a ‘renewable tariff’ and push for more renewable generation to be installed. I love knowing my flat is wind-powered and whilst there was an upfront cost, I’ll save far more than that on my bills over the years.”
Last November, Eleanor’s electricity use bill was £1.50 due to her shares in the Graig Fatha wind turbine and existing energy tariff.
Ripple plans to announce the new project in the coming months. Those who have reserved their places will have a seven-day priority window to purchase their shares in the project. Any remaining shares not published after this time period will be available to the public.
Sarah Merrick, founder of Ripple Energy, said: “To have 16,000 people raring to join our next project is incredible. People are gradually finding out that better green energy options are available and when they do they love it.”
