Another innovative funding mechanism for community energy projects. Allowing the public to invest their money tax-free in local community solar energy projects is a fantastic development. These community energy projects are delivering real benefits to local communities as well as making sure energy is generated where it is consumed. Decentralised energy at its best!
The offer, which includes access to an Innovative Finance ISA (IFISA), was launched by Abundance Investment working alongside the local authority on 11 November and has attracted £685,179 in just a few days. Around two thirds of this (£450,000) is being held in the IFISA, which allows community members to invest directly into the 5MW solar farm, tax-free. The IFISA has been made possible following a government announcement that from 1 November, the savings account can include peer-to-peer investments such as debentures, allowing individuals to invest directly into businesses and projects.