Bradford Community Energy (BCE) has received a major vote of confidence, just days before its share offer goes live, with news that it has been successful in its application to The Community Shares Booster Programme, who have just committed to match fund the first £100,000 raised from the community in the upcoming share offer.
BCE Director, Carlton Smith said, “This is the best start we could have ever hoped for, meaning that our original target of raising £220,000 is from day 1 effectively reduced to £120,000, still a lot of money, but it now feels like the challenge is the Three Peaks rather than Everest; we are confident that we can deliver this ambitious plan, to install green energy production and so can make an effective and sustained difference.”
Bradford Community Energy is raising funds to install a ground source heat pump at The Park Lane Centre as part of a carbon reduction programme for community centres. The technology detaches the centres reliance on natural gas and instead collects heat from the ground below the building saving 20 tonnes of carbon dioxide emissions per year.
The financial model of the scheme is viable delivering a community benefit fund, savings on running costs for the community centres, return on investment for shareholders and carbon emission reductions.
Shares are an opportunity for local communities to support local action on addressing climate change with a practical scheme to reduce carbon emissions and support community assets.
BCE has been inspired by the success of over 200 community energy projects across the country and seeks to see Bradford benefit from these much-needed opportunities. BCE has ambitions to replicate the scheme in community owned buildings across Bradford district.