Householders in the UK have invested more than £700,000 in just over a month to fund two solar projects in the country.
Abundance Generation, a crowdfunding platform, claims it raised the amount in just 35 days for solar panels installation in schools and on new build housing.
People can invest as little as £5 and receive cash returns for the 20-year duration of the projects and can also sell their holdings to others.
One of the projects, called ‘Brighter Schools’, involves the installation of free solar panels in schools across England, helping reduce their energy bills and benefit from unlimited use of the energy generated while the investors will receive rates of return between 7.2-8.3% through the Government’s Feed-in Tariff (FiT).
The second project, called ‘Oakapple One’, funds rooftop solar panel systems on newly built residential properties across the UK, with homeowners also benefitting from unlimited electricity use – free of charge – and investors getting returns of between 7.35% and 8.60%.
Bruce Davis, Co-founder and joint Managing Director of Abundance Generation said: “To break all records in July and August, traditionally a slow months for investing, shows the growing potential of democratic finance and crowdfunding to fill the gap left by banks in lending to this important infrastructure investment for the UK’s future energy needs.”
The latest projects take the total amount raised to £3 million since its launch last summer. Abundance also aims to raise an extra £4 million for providing green energy for schools, businesses and homes in the UK.