More than 900 people from across the UK who co-own a wind farm in Wales have been assured of a three-fold increase in their expected bill savings in 2023.
Following the agreement of a new saving rate, members of Ripple Energy’s Graig Fatha wind farm, which collectively own part of the wind farm, will see money off their bills for the next 25 years as a result.
The new, annually negotiated, purchase price for the power their wind farm generates will see a typical co-owner save around £783 on their electricity bill, three times that of the £275 typical saving in 2022.
The co-operatively owned wind turbine in Wales was made possible by Ripple Energy, which enables people to own a part of a wind farm and access the cheaper power it produces through savings on their electricity bills.
More projects are now in the pipeline.
Ripple’s second project is currently under construction in Scotland and is owned by over 5600 people all looking to achieve similar savings at a time when prices are high.
The newly agreed saving rate will enable Graig Fatha owners to pay back the initial upfront cost of purchasing the wind farm far earlier than expected and members could pay off the upfront cost within 4-6 years at this rate, rather than 14 years at the initially anticipated prices.
Over 13,000 people have also reserved their spot in Ripple’s third, yet unnamed, project – opening up renewable energy ownership to everyone in the UK.
Ripple members receive money off their bills based on how much their bit of the wind turbine generates and the wholesale market price of energy.
When wholesale energy prices are high, Ripple members’ savings are also higher – helping them to reduce their bills at a time when it is needed most.
The fixed price agreement determines the price at which the energy from the turbine is sold for. Ripple Energy has agreed to the 12 months price on behalf of its members to ensure that they can be certain of higher savings and lower bills in 2023.
The new price also means more money to the Community Benefit Fund which helps families in fuel crisis, thanks to a share of the turbine which is supported by the Welsh Government.
Ripple estimates next year the Community Benefit Fund will receive £450,000 to support those in fuel poverty in the region around the wind farm.
Ripple founder and CEO Sarah Merrick said: “The purpose of Ripple is to give real people across the UK access to renewable energy ownership so that they can benefit direct from its low and stable costs.
“The huge bill savings our members will see shows owning a bit of a wind farm really does protect people from spiralling energy prices.”
The three-times increased saving rate for the wind farm’s owners will be 27p/kWh, up from 9.63p/kWh in 2022.