OVESCO directors agreed a contract on Wednesday which enables the Harveys Brewery solar roof scheme to go ahead. To date £292,000 has been raised, leaving only £15,000 to go.
“We are overjoyed and incredibly grateful for the whole-hearted support Lewes residents have shown in backing this pioneering scheme,” said Director Dirk Campbell. “We have not needed to borrow anything which is very gratifying as it shows people can fund community benefit projects themselves without going cap in hand to banks.”
Southern Solar will install 544 solar photovoltaic panels on the roof of Harvey warehouse in Daveys Lane, Lewes, at a cost of £307,000. The array will produce an estimated 92,500 kilowatts annually, enough to power 40 houses at current consumption levels. Most of the electricity will be used to power Harveys’ cooling equipment but enough will be exported to the National Grid to fund local community benefit projects.
The feed-in tariff (FiT) of 33 pence per kilowatt hour will yield an estimated £33,000 annually, enough to pay 4 per cent interest, run the project and accumulate a capital repayment fund for investors.
“Don’t stop sending in your money now that we are nearly there!” said Chris Rowland. “If we are oversubscribed it’s good, because we will have funds to invest in other similar projects. It’s a great long-term investment because you get 30 per cent tax relief and exemption from inheritance tax, and you can invest on behalf of your children.”
Details of the scheme can be found at www.ovesco.co.uk or by telephoning Ovesco on 0800 458 9045.