PEOPLE living in Crewkerne are being given the opportunity to invest in a new solar panel project near the town.

The project is being led by two community groups, South Somerset Community Energy (SSCE) and Bath & West Community Energy (BWCE). Together, they are trying to raise £2.63million through a public bond and share offer, and have already hit the £1million mark.

If the project goes ahead, the scheme is expected to generate enough energy to meet the equivalent annual electricity demand of around 1,600 UK homes.

John Clark, chairman of SSCES, said: “We are delighted to be supporting the Crewkerne solar farm because it directly contributes to our aims of reducing carbon emissions and fuel poverty, and we are encouraging our members to invest in the venture via BWCE.

“It will also create a further opportunity for our members to buy Crewkerne solar farm shares from SSCES after the initial two-year fixed term of the bond.”

The group have also claim that around £3million could be invested back into the community over the next 25 years.

Pete Capener, chair of BWCE, said: “We firmly believe that there is an appetite for investment into local clean energy projects that offer a reasonable rate of return as well as a social dividend that will benefit local communities.”

The money raised will be used along with a loan of £3.33million to purchase the solar farm and develop it as a renewable energy source.

It is the seventh such scheme set up by the BWCE since its birth in 2010.

Since 2010, BWCE has reinvested £75,000 into its community fund for allocation as grants to local community carbon reduction and fuel poverty projects.

BWCE was named Community Energy Company of the Year 2014 at the UK Community Energy Awards ceremony.

South Somerset Community Energy Society (SSCES) was founded in February 2015 and has raised £285,000 for their pilot solar PV projects at Westfield Academy and the Abbey Community Association’s hall in Yeovil. Both projects are now operating.

Following this success, SSCES has applied for pre-accreditation for three further secondary schools in Yeovil, Stoke-sub-Hamdon and Chard.

For more information on South Somerset Community Energy Society, visit www.sscom.energy.

Applications to invest in the scheme are open until July 12. For more information, visit the BWCE website at www.bwce.coop.