The startup company Ripple Energy has recently launched a project that provides customers with the opportunity to become part-owners of a wind farm in the United Kingdom.
The Graig Fatha wind farm in South Wales is expected to become the first consumer-owned wind-powered facility, which is made in partnership with Octopus Energy and Co-op Energy.
The company revealed the business model back in 2019 and is set to offer both ownership and energy supply to its customers.
Ripple Energy introduced a new venture that allows consumers to buy a share of the Graig Faith wind farm located in South Wales, which will be featuring a single Vensys 100 turbine with 2.5MW capacity.
This project is targeted to go online early in 2021. It tapped Octopus and Co-op Energy as the primary providers delivering electricity from the Graig Faith wind farm to the owners’ households.
According to the firm, about 2,000 customers will be able to join the initiative, enabling them to buy shares in the co-operative to claim part ownership of the wind farm. There are currently more than 4,500 customers who have registered for the chance of owning a wind farm.
Customers who successfully enter the deal will secure the right to use the generated energy from the wind farm. Ripple Energy projects that this investment will cut as much as 25% of a customer’s annual energy bills.
Ripple Energy stated the estimated upfront cost for the project is around £1,900, which would produce adequate electricity to meet the energy requirements of a single household for twenty-five years. However, those who wish to join the venture can take a stake for as low as £250, which is enough to cover about 12.5% of a household’s average annual electricity.
The firm also says that those investing in the wind farm could save as much as 26% on their energy bills annually. Ripple Energy also believes that investing on a large-scale wind farm can be 75% cheaper than owning a rooftop solar.
Customers who successfully join the wind farm project will have savings reflected on their bills. However, if it went live this year, savings would only reach around 15% due to the lowered prices on energy. Therefore, going operational in 2021 could prove to be beneficial to customers.
Ripple Energy CEO and founder Sarah Merrick shared that this project follows the steps of the consumer-owned solar sector aims to help the UK achieve a better and cleaner future. It ensures that the zero-carbon transformation is possible, encouraging people to embrace and invest in it.
Ripple Energy is collaborating with Co-op Energy and Octopus Energy to deliver electricity to the owner’s homes.
Octopus Energy CEO Greg Jackson expressed delight in taking a huge leap forward to improve the UK energy grid. He said that investing in renewables and powering up households with clean energy eliminates the need to use fossil fuels, which dirties the environment with carbon emissions.
Jackson also relayed the firm’s excitement to working with Ripple Energy to provide ‘green dividends’ to consumers, offsetting their electricity bills through an investment that also benefits the future of the energy industry.
Tom Hoines, Cop-op Community Energy managing director, praised the Graig Faith wind farm project and called it a landmark moment in the energy history of the UK. He said the partnership with Ripple Energy is the Co-op’s milestone in transforming the way power is made and utilised in the country.
Hoines also expressed that the partnership opens up the opportunity for consumers to own the power that supplies their homes directly. He stated that the firm is now working with over 80 community generation projects, delivering expertise, and making sure that generators obtain their fair share of payment.
Both Co-op Community Energy and Octopus Energy have voiced their pride to take part in the said project, championing the community and encouraging consumer participation in finding solutions to end the climate crisis.