The Solar for Schools CBS, which is owned and governed by the schools themselves, enables those schools to make savings on energy bills, reductions in CO2 emissions; and helps local authorities to progress towards their net zero targets.
While The Solar for Schools CBS currently owns and operates over 150 rooftop installations, it has over 100 schools on its waiting list. The new senior debt from Triodos Bank will be combined with crowdfunding bond finance to help the non-profit accelerate its work with around 30 more schools, including those in some of the most disadvantaged areas of the UK. To deliver the projects, the CBS works with Solar Options for Schools, which develops and then manages the projects for the CBS, working closely with the CBS to secure funding.
The CBS also works with Solar Options for Schools to deliver interactive education for both primary and secondary students to learn more about renewable energy, climate change, green skills and sustainability; all linked to STEM subjects. The partnership with Triodos was marked during a workshop at Churchfields Junior School in East London last week. Triodos representatives - Ellie James and Dinkar Suri - met 30 students from Years 3 to 6, all members of the school’s Eco Committee. The group experimented with a ‘Solar Explorer Kit’ and showcased other measures that the school is taking to reduce its carbon footprint.
“With solar panels hidden on the roof, pupils could easily come to school without noticing them. 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” said James Easter, deputy head at Churchfields Junior School.
As the CBS is governed by the school members themselves, any surplus from solar energy generated across the community is shared with the schools. Schools pay only for the solar electricity they use at a pre-agreed unit price, lower than their mains electricity price, therefore providing additional security against volatile energy prices. These prices are fixed for the lifetime of the solar panels, at 25 years, rising only with inflation.
So far, the CBS has raised most of its funds via bond offers to individuals, but hopes that this ground-breaking partnership with Triodos Bank unlocks further potential, validating the robustness of the model, and encourages more funders of all sizes to join the mission.
Robert Schrimpff, co-founder of Solar Options for Schools and voluntary director of the CBS, explained: “There are nearly 25,000 schools in the UK alone, requiring about £2b to install solar on all sensible roofs. 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. Getting Triodos onboard is a vital milestone in proving that we have created such a structure. 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.”
Amandine Tetot, head of energy and project finance at Triodos Bank UK, added: “We’re pleased to support an incredible organisation that is not only focused on generating more clean energy, but is doing it in a way that educates the next generation about the environment, energy, electricity and photovoltaics through really engaging and hands-on tools. 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.”
Triodos Bank has been lending to renewable energy projects in the UK for nearly 30 years and has lent £85 million to over 30 community energy projects.
Case study
Churchfields Junior School had 350 rooftop solar panels commissioned in July this year, making up a 154kW system that will generate about 90% of the school’s current total annual electricity demand. The system was paid for by the Solar for Schools CBS, and over the 25-year solar electricity supply agreement with the school will avoid about 500 tons of CO2, equivalent to planting, looking after 500 trees for 40 years and then permanently burying them. The school has already saved £5000 in its energy bills. The school has 480 students – many of whom have been involved in energy workshops, interacted with the live data from their rooftop solar installation and played with the Solar for School learning app. The entire school is part of the solar journey and are learning about how solar works, what its role is as we decarbonise as a society, and how we can all do more at home to spread the word.
“Engaging education is key here,” concludes Schrimpff. “Young people are custodians of the future, and they are great influencers. When young people ask me in schools 'What can we do to fight climate change?' I explain: 'There are two billion young people in the world out of the 8 billion total inhabitants on the planet. That means each of you need to only persuade two parents and one grandparent to make a real difference.'”
-Ends-
Notes to editors:
Please visit: www.solarforschoolscbs.org.uk/triodos
For further information and photography please contact:
Ellie James
T: 0117 311 0241
[email protected]
About Triodos Bank
Founded in 1980, Triodos Bank has become a frontrunner in sustainable banking globally. Triodos Bank is a listed independent bank that promotes responsible and transparent banking. It does not see any conflict between a focus on people and the planet and a good financial return. Instead, it believes that they reinforce each other in the long-term.
Triodos Bank has banking activities in the Netherlands, Belgium, the UK, Spain and Germany as well as Investment Management activities based in the Netherlands but active globally. Triodos Bank co-founded the Global Alliance for Banking on Values (GABV), a network of sustainable banks. Together these banks want to grow sustainable banking and its impact on the real economy substantially.
Triodos Bank UK Ltd is a wholly owned subsidiary of Triodos Bank NV. Registered Office: Deanery Road, Bristol, BS1 5AS. Registered in England and Wales Company No. 11379025. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 817008. VAT reg no 793493383.
About Solar for Schools CBS
The Solar for Schools CBS is a Community Benefit Society, a not-for-profit entity, registered with the Financial Conduct Authority, with the purpose of decarbonising society by funding solar and energy education in schools. Its shareholders or members are the schools it provides solar panels to. It is governed by a board of voluntary directors proposed and elected by the school members. Surpluses after paying back lenders are used for the benefit of the schools, by either providing further reductions to their electricity bill or additional learning equipment such as solar explorer kits. The CBS has raised over £6m to date, from nearly 1,000 individual bondholders, to fund over 15MW of solar power on over 150 schools so far.
About Solar Options for Schools
Solar Options for Schools helps schools decarbonise with solar energy. Directly or through local partners, it provides software, services to develop, fund and manage solar assets on schools and then provides education content, workshops, data and a mobile app for students to learn about energy and decarbonisation.