Deadline today, Tuesday, 24 November, to invest in community energy schemes with Ethex.
As the world meets in Paris to debate how best to constrain global warming within 2 degrees, the UK government will shut off the current tax relief available for community energy projects.
Incongruous, yes. Surprising, perhaps not.
The planned changes to the Finance Bill will see the tax reliefs available for community energy via EIS and SEIS schemes stopped from 30 November – the same day the Paris global climate change talks begin. As a result, Ethex is seeing unprecedented interest in five community energy schemes currently raising finance on its online platform.
It raised more than £1 million last week in a single day, and by the end of today, when the offers close, expects to have raised a total of £4 million across these five schemes, with an additional ££1,242,650 raised for the Bath and West Community energy offer which is now closed.
The offers available until the end of Tuesday, 24 November, are:
- Nottinghamshire Community Energy – the construction of a 5MW solar farm in Colston Bassett
- Wolverton Community Energy – solar installations across the rooftops of schools and industrial buildings near Milton Keynes, Buckinghamshire
- Meadow Blue Community Energy – the construction of 5MW Solar array at Merston Farm near Chichester
- Resilient Energy Mounteneys – installing two wind turbines in Gloucestershire
- Bristol Energy Coop – a portfolio of new solar electricity projects in Bristol and neighbouring areas.
See this blog for more information on tax relief removal.