If you have any questions then we would love to hear from you...
Contact UsIf you have any questions then we would love to hear from you...
Contact UsA co-operative (often referred to as a co-op) is an ethical, democratic, business organisation owned and operated by a group of individuals for their mutual benefit. It does not seek to maximize financial returns to its members on the sum invested by them but instead seeks to pay a fair return, which is sufficient to obtain and retain the capital required, to achieve broader community, environmental and social goals.
The Wey Valley Solar Schools Co-operative will own the solar panels and is responsible for their installation and maintenance. The Co-operative finances the installation of the solar panels through money raised from its investors and pays annual interest to its investors on the sum they have invested. The Co-operative is intended to have a life span of 25 years (at the end of which period the Feed in Tariff ceases to be payable and the solar panels will be given to the schools) and during that time all the capital invested in the co-operative as well as the returns should be paid back to investors.
The Co-operative is being set up as a social enterprise and not a business looking to maximise financial return for investors. This venture is being led by experienced business men and women who are locally based. They are not being paid to be on the board; instead they are doing it for community minded and environmental reasons. However, they will be investing in the co-operative (up to £20,000) which will allow them the same benefits as other investors.
By joining the co-operative, schools will be able to generate their own electricity without having to pay for the solar panels. They would benefit from a better deal with regard to the solar equipment because of the economies of scale, de-risking their involvement. If the school has the capital available they can obtain similar returns to making the investment themself but going with WVSS would be potentially far less risky. There are time constraints to meet the current Feed in Tariffs and EIS rules, Wey Valley Solar Schools has experienced volunteers that are able to help organise installation etc. before these constraints, and we also have access to expert support in a highly cost effective way.
Each installation will result in a reduction of 20 tonnes of CO2 emissions per school, per year which will help the schools meet their sustainability targets. We are also hoping it will encourage more energy efficiency within the local community.
We will be using Joju Solar to install all the arrays at schools over the next few months. They have been leading the way in domestic and commercial solar PV projects since 2006. They are completely independent from the Co-operative and were appointed because of their competitive prices, the support they offered to the Cop-operative, their extensive experience of working with schools and their ethical standards - they are passionate about solar PV and working towards a greener future.
To invest you will need a copy of our share offer document. The document can be downloaded from our prospectus page, (if you would like a paper copy of the document please contact us). Once you have read the document, if you decide you would like to invest, please fill out the share application form and send it back to us, along with a cheque to: Wey Valley Solar Schools Energy Co-operative Ltd, Chestnut Suite- Office 1, Guardian House, Borough Road, Godalming, Surrey GU7 2AE.
Being a community based co-operative we want people from right across the community to feel they can make an investment and have a share in this venture. Any individual who is 16 or older can invest from as little as £250 to a maximum of £20,000 and benefit from return rates and tax advantages that are much more attractive than many current saving and investment schemes!
The Enterprise Investment Scheme (EIS) offers tax relief for co-operatives involved in renewable energy. Income tax relief of 30% of the cost of the shares is available to individuals, who subscribe for shares in an EIS. There has to be a minimum investment of £500 worth of shares in any one company in any one tax year.
All investment and commercial activities carry risk. The share offer document sets out the risks considered material by the co-operative and you should consider these and make your own risk assessment before investing.
This is a long term investment and not a deposit, all the money will be spent in year one buying the solar photovoltaic panels. Investments will be returned, in full, over a 25 year period, (the first payment will be made at the end of year 3).
If you urgently need your money back during the first three years of the co-operative, you can ask us to return the money, however you would lose out on the tax relief benefits and there may be a cost for removing the money early.
After the first 3 years if investors ask for their money back it will be returned on 31 December unless urgent. We will have a priority list of returnees. 4% will be allocated from the co-operative income first to those who ask and balance to partial return to everyone else.
Yes it should be, other co-op’s experience is that it is more than enough; very few people wish to withdraw because they wish to continue their involvement and because the returns increase each year on the money still invested.
Certain big investors including some directors have promised not to withdraw their money and the Co-op can borrow. The Co-op can also keep a list of those who would like to invest more, or to join, as replacement capital.
Shares can be inherited but not sold or gifted (but members may change the rules to allow this in the future after 3 years). If you wish for repayment of the shares they will be put on the priority list of returnees.