The world’s largest consumer-owned wind farm, owned by Ripple Energy, is now open for share purchases in an effort to offer households green energy ownership and stable-priced power.
With recent energy price hikes announced, this initiative offers customers the potential to stabilise their energy bills by owning a stake in the wind farm located at Kirk Hill in Ayrshire, Scotland. Formed of eight turbines, the wind farm “will generate a total of 18.8MW of clean energy – enough to power 20,000 households”, according to Ripple Energy.
“Owning part of a wind farm is the easiest way to protect yourself from future energy price spikes. Wind delivers clean, stable priced power for the long term. We want as many people as possible to benefit, whilst also reducing their carbon footprint,” said Sarah Merrick, CEO of Ripple Energy.
“Owners get savings applied to their electricity bill that reflect the difference between the market price for electricity and the wind farm’s low and stable operating costs. When market prices are high, like at present, savings are high. When the market price is lower, savings fall too. The net effect is to help stabilise bills,” Ripple Energy report.
How does it work?
Households can sign up to Ripple Energy, join the cooperative, and buy shares in the wind farm. Ownership is flexible, starting at £25. The offer is there to generate more clean power than you use, due to the cap on ownership being the equivalent of 120% of your consumption. The idea being that the more shares you own, the more green power you will get and the more you will save.
“Around £1,700 will purchase enough of the wind farm to power the typical UK home. This results in the same CO2 saving as over 200 trees every year and estimated savings on their electricity bill of £3,120 over the wind farm’s 25-year life span,” said Ripple Energy.
Looking to the future
Ripple is working alongside new suppliers including So Energy and Unify Energy with the aim to supply clean energy to homes and businesses across the country, alongside its existing supply partner Your Co-op Energy, powered by Octopus.
Savings will not only be passed on to Ripple’s members, but Kirk Hill wind farm will also provide a community benefit fund of £94,000 per year.
“The Co-op will work with the local community to determine the best approach to manage the community benefit fund,” said Ripple. The energy company states that it intends to “focus the fund on fuel poverty actions or environmental projects, and will be conscious of other local needs when directing exactly how the fund is to be used.”
All images show Graig Fatha Wind Farm in Coedely, Wales, courtesy of Ripple Energy.
Find out more about Kirk Hill wind farm and membership with Ripple Energy online.
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