Project name Community-financed Renewable Energy Investments (CREdIT)
Objective Objective 2.2
Priority Low carbon cities and regions
Aim There are numerous regions and municipalities across Central Europe that have already developed (or are in the process of developing) their local / regional energy plans and have set their strategic goals for the next years / decades, in line with the EU’s 2020 and 2030 climate and energy targets. Realization of these ambitions and implementation of actual investments is however often hindered or delayed by the lack of available financial sources. CREdIT aims to facilitate and speed up the implementation of these energy plans by developing a widely transferable methodology for involving community financing in renewable energy investments.
Results - CREdIT will deliver the following outputs:
o Collecting good practices for community financed renewable energy investments across Europe;
o Assessing the implementation status of regional / local energy plans of project partners and identifying actions where community financing could speed up the process;
o Carrying out feasibility assessment and developing local feasibility studies for launching community financed investments in different regions, based on a joint methodology, covering technical, environmental, legal, financial, and social aspects as well;
o Launching pilots in the participating regions;
o Drawing conclusions and publishing a transnational toolbox for helping municipalities in involving community-financed renewable energy investments.
- The benefits to be achieved by CREdIT are two-fold:
o On the one hand, local / regional authorities will gain access to a novel financial instrument for achieving their energy & climate targets;
o On the other hand, engagement and commitment of citizens towards reaching energy goals will increase, as they can access financial gains from green investment opportunities.
Cost Ca. 3 million Euro, but depends on the final partnership composition
Duration 3 years
Partners involved - The project is initiated by Energiaklub, a leading “think and do tank” NGO in the field of sustainable energy in Hungary. Its work concentrates on climate and energy policy by addressing energy efficiency, renewable energy sources, climate adaptation as well as good governance in these fields. Energiaklub conducts research activities, training courses/counselling, and carries out communication campaigns with the aim to make policy-makers, energy producers or consumers regard energy in a different way. Energiaklub supports local municipalities in developing local climate and energy strategies, as well as SE(C)APs. It is partner in several large EU projects. Its core team has been working together for many years, and is capable of running largescale international projects.
- Energiaklub is negotiating the involvement of one of the Hungarian associations of local governments, as a local partner.
Partners requested - Primarily we would like to cooperate with local / regional governments, who have already developed or are in the process of development of a local / regional energy plan, and are willing to boost its implementation through Community-financed Renewable Energy Investments. Energiaklub’s core expertise lies in solar energy, but we are open to cover other type of renewable energy investments by our project as well.
- Additionally, we look for complementary technical, financial, legal expertise to be pooled in our project, thus partnering with energy suppliers, NGOs, financial organisations, technology providers, regulators, etc. is also welcome.
Innovation Community investment is an innovative financial tool for municipalities, especially in the Central European region. It enables members of the community to invest in renewable energy facilities, even with small amounts, and become co-owners. As a result, public money will be saved while people can enjoy financial gains as well. Besides financial innovation, community investments may also trigger technological innovation and boost the local economy. Getting financially interested will clearly raise people’s awareness regarding green technologies and novel solutions for energy-consciousness.
Follow up of There is no specific predecessor EU project of CREdIT, but Energiaklub has already built up expertise in this field. Energiaklub launched a Community Solar Project in November 2016. This project aims to establish the first solar power plant in Hungary in which citizens participate as owner/shareholder or investor. A feasibility study was made to assess a complete range of alternative concepts in the context of all attendant risks: Technical, Economic, Commercial, Organizational, Political, and Financial. Besides, Energiaklub is organizing events to assess as well as create interest in the project, among citizens, businessmen and municipalities. The solar plant is planned to be put in operation in early 2018.
Follow up fundings