Credit: Solar for Schools Community Benefit Society
Community Benefit Society receives £3m from Triodos Bank to expand network of solar-powered schools
The Solar for Schools Community Benefit Society has received a £3m loan from Triodos Bank UK to support the expansion of its network of solar-powered schools, helping them cut costs, reduce carbon carbon emissions, and protect against future energy price shocks.
Participating schools pay for the solar electricity they use at a pre-agreed unit price lower than their mains electricity rate for the 25-year lifetime of the panels, providing additional security against volatile energy costs. Moreover, any surplus energy is shared within the Society's members.
Solar for Schools also works with delivery and project management partner SolarOptions for Schools to provide interactive education for both primary and secondary students to help them learn more about renewable energy, climate change, green skills, and sustainability.
Owned and governed by member schools, Solar for Schools currently operates more than 150 rooftop installations and has over 100 schools on its waiting list. Fresh Triodos Bank funding and crowdfunding bond finance will help the non-profit accelerate its work with around 30 more schools, including those in some of the most economically disadvantaged areas of the UK.
"There are nearly 25,000 schools in the UK alone, requiring about £2bn to install solar on all sensible roofs," said Robert Schrimpff, co-founder of Solar Options for Schools and voluntary director of the Solar for Schools Community Benefit Society. "But individually, these schools are far too small to attract low-cost project finance.
"Creating a funding structure that addresses the needs and limitations of each school, the councils and the Department for Education, while meeting the strict requirements of institutional lenders is therefore key to unlocking solar across the educational estate."
Solar for Schools has raised over £6m to date from nearly 1,000 individual bondholders to fund over 15MW of solar power on over 150 schools. The Society hopes its partnership with Triodos will unlock further funds and encourage backers of all sizes to join its mission.
"Getting Triodos onboard is a vital milestone in proving that we have created such a structure," added Schrimpff. "It will enable more funders to support schools with confidence. We can now focus on replicating this structure for church-owned schools, larger councils and other community energy groups to enable thousands of schools to go solar."
Triodos Bank has been backing renewable energy projects in the UK for almost 30 years, lending £85m to more than 30 community energy projects. Most recently, it provided a £5.6m loan to support the expansion of Scottish all-electric bus operator Ember's fleet of zero emission coaches.
"We're pleased to support an incredible organisation that is not only focused on generating more clean energy, but is doing it in way that educates the next generation about the environment, energy, electricity and photovoltaics through really engaging and hands-on tools," said Amandine Tetot, head of energy and project finance at Triodos Bank UK.
"This aligns with our mission as a bank to support projects and organisations that have the power to make a meaningful difference to the environment and peoples' lives. We hope to be able to do a lot more lending like this in future."
The funding was marked with a workshop at Churchfields Junior School in East London last week where Triodos staff met 30 students from years three to six – all of whom are members of the school's Eco Committee.
The school's 154kW system of 350 rooftop solar panels commissioned in July this year will cover about 90 per cent of the school's current total annual electricity demand, help avoid around 500 tons of CO2, and has already saved £5,000 in energy bills.
"With solar panels hidden on the roof, pupils could easily come to school without noticing them," said James Easter, deputy head at Churchfields. "The education work helps to deliver a lasting legacy in the school and community.
"These pupils will go on to be ambassadors for sustainability, educating their friends and families and leading to further improvements in the school."
Solar for Schools' funding update comes just weeks after The Green Finance Institute announced a year-long partnership with climate solutions charity Ashden to help fund retrofit and energy efficiency measures at UK schools hoping to achieve net zero emissions by 2030. The scheme will seek to pool public and private finance and bring together policy makers and supply chain delivery partners to mobilise investment in retrofit projects on school estates.
According to figures from the Department for Education, school buildings in the UK contribute 37 per cent of total public sector building emissions, with expenditure associated with these buildings totalling £1.8bn in 2023.
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