Mongoose Energy has launched what it claims is the country’s first dedicated crowdfunding platform for community energy.
Its new ‘Mongoose Crowd’ service aims to connect investors with community energy projects to target better financial returns, lower environmental impacts and positive social dividends.
It will allow investors to crowdfund community energy bonds within a tax-free Individual Savings Account (ISA), which is limited at £20,000 a year.
The firm previously raised money for community projects on third-party systems but believes hosting its own platform will make it easier to innovate and grow.
It says it will offer a wider portfolio of projects to invest in and target “stronger and more reliable return” compared to those available from typical savings accounts.
Initial offerings will go live at the end of the month, totalling £1.5 million to support the refinancing of a portfolio of solar projects near Bath and Bristol.
Sir Ed Davey MP, former UK Energy & Climate Change Secretary and Chairman of Mongoose Energy, said: “More people want a bigger say in where their power comes from, where their investments go and in improving their own communities.
“Mongoose innovation puts more power back into the hands of local communities. Launching our own crowdfunding platform means we can dispatch better energy, better financial returns and better social dividends to UK community investors.”
Northern Powergrid has awarded £50,000 for new community energy schemes.