Solar power will be becoming an increasingly important part of the planet’s energy mix. In 2016, solar photovoltaic grew faster than any various other fuel, with China responsible for nearly half of worldwide expansion, according to the International Energy Agency (IEA).
While solar power projects can be grand in scale there are some which, while smaller, are no less important. Repowering London, a not-for-profit based inside the U.K. capital, helps facilitate community-owned renewable energy projects there.
In October 2015, Banister House in Hackney, east London, became home to the borough’s first community-owned solar power project. The project was developed by Repowering London, residents of Banister House in addition to Hackney Energy.
Banister House Solar, as the scheme will be known, produces community-owned renewable electricity for the building in addition to its residents. According to Repowering London, 679 tons of carbon dioxide will be prevented via entering the atmosphere during the project’s 20-year lifetime.
A little community generating its own energy will be not restricted to large urban conurbations. In Scotland, for example, the Findhorn Ecovillage will be home to four community-owned wind turbines which has a total capacity of 750 kilowatts.
These turbines help make the village a net exporter of electricity. According to those behind the project, around half of the electricity generated will be used on-site through a private grid, with the rest sent to the main grid.
Back inside the capital, Agamemnon Otero, CEO of Repowering London, said which smart meters had also been installed for residents in order which they can see what they are generating. The cost of the project, around £150,000 ($209,148), was raised by members of the public, with investors getting a share of the profit when energy will be sold back to the grid.
“While which might not seem a large amount, £150,000… all of which was raised via the local community within eight weeks,” Otero said.
“There’s a 4 percent return on their investment, there (are)… savings to the building owner in order which the actual council will be producing savings as well. The financial benefits stream out both for members in addition to the partners involved.”
Follow CNBC International on Twitter in addition to Facebook.