New finance to help grow network of solar-powered schools

The Solar for Schools Community Benefit Society, an organisation that funds solarinstallations on schools, has received a £3 million loan from Triodos Bank UK to help it grow its network of solar-powered schools across the country.

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 SolarOptions 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 forboth 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 solarenergy 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 ethical 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 forchurch-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 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.”