UK start-up Ripple Energy has launched the UK’s first wind farm to be wholly owned by its consumers – Graig Fatha in south Wales.
Ripple is partnering with Co-op Energy and Octopus Energy to transmit the electricity from the wind farm to its owners’ homes. Customers can switch to Co-op Energy to join the scheme, and existing Co-op Energy and Octopus Energy customers are also invited to take part; and if customers move home the contract can be transferred with them.
Once the wind farm is operational, in early 2021, savings from the project will be applied to their electricity bill. Ripple estimates owning a tiny part of a large-scale wind farm could make electricity up to 75% cheaper for consumers.
Around 2,000 customers will be able to join this first pilot project – with more planned – by buying shares in the co-op that owns Graig Fatha. The upfront cost for a typical household would be around £1,900. This share of the wind farm would expect to generate enough electricity to meet the needs of a typical household for 25 years.
People can choose to own as little as £250 worth (enough to supply 12.5% of a typical home’s electricity each year), right up to as much as would meet 120% of their annual electricity needs. Ripple estimates that in an average year customers can reduce their electricity bill by up to 26%.
Octopus Energy took over Co-op Energy last year, and the two organisations are supporting the project as launch partner. Co-op Community Energy, the joint venture between Midcounties Co-op and Octopus Energy, says it has already begun providing energy to customers from small-scale community generators as part of a push to a decentralised system.
Sarah Merrick, founder and CEO of Ripple Energy, said: “What could be better than owning a bit of a wind farm to supply your home with renewable, low-cost power? People are ready for change. They want to create a better, cleaner future and we can enable them to do it.”
She added: “The move to a zero-carbon world opens up completely new ways of doing things. You can’t own a bit of a coal or nuclear power station to supply your home with electricity, but you absolutely can own a bit of a wind farm. Huge change is now possible, and people are embracing it.
Tom Hoines, managing director at Co-op Community Energy, said: “Midcounties has been working with Ripple for a number of years, and we at Co-op Community Energy are thrilled to continue to support their first site at Graig Fatha.
“The partnership with Ripple is a significant milestone in changing the way in which we power the UK, giving more people the opportunity to directly own how their electricity is generated.
“As the leading supporter of renewable, community generated power in the UK, Co-op Energy and Co-op Community Energy is now working with more than 80 community generation projects, providing expertise and ensuring that generators are paid a fair price.”
Greg Jackson, CEO of Octopus Energy, said: “Affordable investment in your own clean, green wind farm is a huge leap forward for the energy grid of the future. Investing in more renewable energy and powering your own homes when the wind is blowing can end our reliance on dirty fossil fuels faster than we hoped.
“We’re excited to get to work with Ripple Energy to make this investment more accessible and affordable than ever before. Soon anyone can benefit from the ‘green dividends’ this will provide, offsetting their own energy bills with an investment in the energy grid of the future. We’re proud to be championing community energy projects such as these and leading the way in innovative solutions to the climate crisis.”
