Green solutions in Brighton & Hove have been funded by a recent investment from Resonance Community Developers (RCD). £200,000 worth of investment has been mobilised to install solar panels on the roofs of five schools, saving them an estimated £3.1m in energy bills.

This investment supported the installation of solar panel systems on five schools in the Brighton & Hove area by Brighton & Hove Energy Services Co-operative Ltd (BHESCo). With a combined capacity of 260kwp, it’s estimated that the panels will mitigate 2,700 tonnes of CO2 emissions over the lifetime of the solar arrays, helping the schools move towards a more sustainable, low-carbon method of generating energy. 

The investment was structured in a way that allowed BHESCo to get the project started quickly and without delays. A bridging loan structured by RCD meant that the projects wouldn't encounter prolonged delays while BHESCo raised funds through an open community bond offer. RCD was a co-investment alongside We Have The Power and other philanthropic investors who have a history of supporting similar organisations, facilitating the initiation of renewable energy projects through short-term lending.

“We are extremely grateful to Resonance Community Developers for its support of these projects. This allowed the solar panels to be installed without delaying the projects for five months, which is how long it took to raise the funds through our bond offer.” Kayla Ente, Founder and CEO of BHESCo

BHESCo is a social enterprise dedicated to accelerating the transition to energy efficient buildings powered by local sustainable energy. The organisation believes that long-term affordable energy security requires local clean energy systems, owned by, and run in the interest of the communities they serve. To date, BHESCo has developed 59 community focused carbon reduction projects predicting 7,655 tonnes of CO2, savings and £2m in energy cost savings across the projects' lifetimes.

This is just one of the community groups that RCD is supporting in their community projects, helping communities meet specific local needs and become more resilient in the face of the climate crisis, rising cost of living and cuts to community facilities. So far, 25% of RCD’s investments have been dedicated towards renewable energy community projects.

About Resonance Community Developers

Resonance Community Developers (RCD) was launched in 2019, and is designed to support communities to create and own assets that meet local and specific needs within towns and villages across the UK. 

£12.3m has been raised so far for projects including affordable housing, developing low-carbon and renewable energy assets, and preserving much-needed community amenities such as sports facilities. This investment helps community groups achieve their ambitions through sustainable, local community asset projects, creating new solutions for communities across the UK.

The fund collaborates with local leaders, providing financial support, hands-on expertise and working partnerships to help them find solutions to the challenges they face, building resilience and creating self-sufficient communities. It aims to raise £100m to support community groups. 

Read the fund’s latest social impact report here