Octopus and Co-op relaunch joint community energy scheme

Octopus and Midcounties Co-operative have relaunched their community energy scheme and will soon offer customers the chance to invest in a stake through their bills.

Younity, previously called Co-op Community Energy, has partnerships with 100 community generators across the country. Octopus supplies Co-op through a white label agreement, with the latter recently re-branding to Your Co-op Energy.

The energy generated from the partnerships powers the ‘Your Co-op Energy’s Community Power’ tariff and has more than doubled in the last six months – sufficient enough to power around 45,000 homes.

Alongside the announcement of its relaunch Younity has published the results of a survey of more than 2,000 energy bill payers about their attitudes towards renewable energy and barriers to engagement with community projects.

It found that 75 per cent of people would switch to a product that supports new build renewable energy generation through their energy bill.

Regardless of income or age demographics, there is an “overwhelming concern” over climate change with the majority surveyed wishing to take positive action.

Younger age groups aged 16 – 34 have the strongest appetite to make change, but face barriers to support renewable technology, given the relatively low home ownership amongst that group.

Younity says it wants to overcome these barriers by giving consumers the opportunity to have a direct stake in community energy projects and customers of ‘Your Co-op Energy’s Community Power’ tariff will shortly be able to invest directly through a small addition to their monthly bill.

Furthermore the joint venture will investigate ways to make funding more accessible for projects, while also continuing to provide direct support from its community power fund which is financed by the tariff.

It has already made grants to six community energy projects and will be encouraging more applications through its bi-annual award scheme.

Tom Hoines, managing director of Younity, said: “If the UK is to achieve its net zero goals, there’s an ever-increasing need for new build renewable energy, with an increasing emphasis on everyone to take positive action, from government to industry to communities and individuals.

“Under the Younity banner we will be seeking to go even further in supporting new and existing community energy projects across the country.

“Pivotal to this will be our focus on helping more people to understand the power and importance of community generation projects and inspiring them to make their own contribution to tackling climate change and shaping the future of their local communities.”

Lizzie Hieron, chief operating officer at Your Co-op Energy, said: “Community energy has the potential to play such an important role in the UK’s energy future, but to achieve its potential we need to build on the incredible work that pioneers across the country have done in establishing local projects and give more people from all walks of life the incentive and opportunity to play their part.”

Zoisa North-Bond, chief executive of Octopus Energy Generation, said: “Community energy projects are a giant leap in the right direction in cleaning up the UK’s energy mix and our ability to deliver cheaper, greener energy to UK households.

“With Younity, alongside Midcounties Cooperative, we aim to inspire the next generation about all the benefits that this powerful movement encapsulates. It’s imperative that we help community energy reach its full potential as it could have a massive positive impact in delivering an abundance of clean energy over the decades to come.”