Retailer Marks and Spencer is partnering up with non-profit organisation Energy4All to crowdfund a new plan to fit solar panels on the roofs of several of its large stores.
M&S and Energy4All have cooperatively created the M&S Energy Society, which members can sign up to by investing between £100 and £100,000 into the new scheme to pay for solar panels to be installed on nine of the retailer’s larger sites.
On their website, Energy4All said: “We are delighted to announce that, over the past 2 years, we have been working with Marks & Spencer to develop a community based rooftop solar initiative – delivering an environmental & social impact and a financial return for members.”
In total, the solar PV panels installed are expected to generate up to almost 900 kilowatts of power, which M&S estimate will mean an effective reduction in carbon emissions of almost 425 tonnes per year.
M&S are to buy back the energy generated by the solar arrays, offering those who have paid a return on their investment. Investors can, by M&S’ estimates, expect to see a return of around 5% a year for the first three year period beginning in the final quarter of 2017.
The new project will be a key drive in M&S’ existing plans to become 50% reliant on renewable energy as a business by the 2020 as part of the retailers’ sustainability project, Plan A. These plans have already been kicked into motion by M&S’ installation of the biggest single roof solar PV array in the UK, fitted onto the roof of their large distribution centre in the East Midlands.
M&S’ Plan A project manager, Lydia Hopton, described the latest project with Energy4All as an important way of not just improving the environmental impact of energy supply, but also of getting the community involved in the process.
She said: “This project is a great opportunity for customers to invest in green energy and help the environment, while also supporting local community groups. We’re really excited that M&S will be the first retailer to launch a scheme of this kind”.
Lord Bourne, a minister in the Department of Energy and Climate Change, praised the new initiative, hoping that it would set a trend to be followed by other retailers in the future.
He said: “This new initiative from M&S is an excellent example of private enterprise working with its customers to produce clean, green energy and support local community groups. I would urge other companies to follow suit.”
Several other major retailers have been making movements towards reducing their environmental impact including Sainsbury’s who have to date installed over 170,000 solar PV panels across their various store and distribution centres up and down the country.
