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Shining the light on new solar network for Oxfordshire
9:10am Thursday 19th June 2014 in News
THE sun was shining as two leaders unveiled their new plans for an Oxfordshire solar network.
Oxford City Council deputy leader Ed Turner and Barbara Hammond, chief executive of Low Carbon Hub, said a £2.3m council loan will power a new generation of solar roof panels on to 25 schools and business buildings this summer.
And residents will be given the opportunity to buy shares in the project and receive a cut of money made from electricity generated and sold.
The first share offering, expected in September, will be the first of many, expected to come every six months, the pair said.
Ms Hammond said: “The first share offer will be for a specific set of projects, which we will bunch together.
“We would be aiming to make a new share offer every six months, so people get used to investing their money in this way.”
The contract Low Carbon Hub has with the city council lasts three years, with money from the £2.3m pot being released for projects in stages.
It has said it will repay the city council the money, plus an additional £33,000 – a return of about 1.4 per cent.
Ed Turner, the deputy leader of the council, said: “This is a good investment that will reduce the carbon footprint of Oxfordshire.”
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