LIVEWIRE, Warrington’s biggest leisure, libraries and lifestyles provider, has set up a new social enterprise to allow local people to invest in the community energy revolution to help residents, communities and businesses reduce their energy bills.
Livewire Community Energy (LWCE) is a not-for-profit community benefit society that will contribute to lowering our carbon footprint through the use of renewable energy installations such as solar panels.
The social enterprise was launched after LiveWire identified through their lifestyles services that people and organisations were struggling to pay their energy bills which are increasing year-on-year due to the rising cost of fossil fuels.
The organisation is now inviting local residents and businesses to become an investor and member of the offer to help reduce the impact of climate change and strengthen the supply of local energy as well as receive a financial return on their investment.
Investors will receive an estimated pre-tax relief return of four per cent on their investment annually. Furthermore, they may also receive a one off 50 per cent tax relief on their investment under the Government’s SEED Enterprise Investment Scheme, meaning someone who invests £1,000 could see a return of £500 if they’ve already paid this in tax.
Any surplus made by the organisation will be reinvested to benefit the local community in Warrington.
LWCE is seeking to raise a total of £142,000 through the community share offer to fund the installation of solar panels at Grappenhall Community Centre, Heathside Mews, Latchford Community Hub and Poplars Farm. This will reduce the running costs of the buildings with any surplus energy being fed into the grid.
Jan Souness
Since 2009 £60 million has been raised through community share offers across the UK with Lymm Community Energy recently raising £109,000 for the installation of solar panels at two schools in Lymm.
Jan Souness, chairman of Livewire Community Energy said: “This is a fantastic opportunity for people in the community to make an ethical investment in a share offer which allows local people to take ownership of their renewable energy resources and to support the reinvestment of any surplus profits back into Warrington’s communities”.
Michael Sheppard, chief executive of Warrington Community Living, who manage Heathside Mews said: “As a local charity providing essential services and support to residents we have faced substantial increases in our energy costs over the last few years. LiveWire Community Energy will install the solar panels at no cost to the charity and in return we will benefit from lower energy bills as well as helping to meet our commitment to the environment. We also support the reinvestment of any surpluses to make a difference in the local communities of Warrington.”
Investments can be made up until Friday August 21 at 5pm at www.livewirecommunityenergy.org
Directors may close the offer earlier if it is fully subscribed before this date, or may extend the date if required. Updates on the offer and any closing date changes will be posted on the website.
