TREC’s recently published report, The Power of Community explores the economic, environmental, and social benefits of locally owned and operated renewable energy initiatives. In general, community owned renewables lead to higher job creation; stronger economic impacts and better social license to develop projects compared to commercially developed projects. Since the creation of the Feed-in Tariff program under Ontario’s Green Energy and Green Economy Act, community participation in renewable energy has increased dramatically. This week, we’re profiling a few co-operatives leading the way in establishing locally-owned renewables in Ontario.
Green Timiskaming
Green Timiskaming is located in North Eastern Ontario along the Quebec boarder, a rural resource-based economy that includes mining, forestry and farming. With the aim to revitalize local industry and retain local talent, Green Timiskaming (GT) was founded in 2009 to promote the green economy in the region. While the grid capacity in the region has allowed for significant solar development, GT was the first to propose a community-owned project, and they received FIT contracts for 4.75 MW of solar. As a small community-based organization, GT soon realized that they would need the help of others to develop their projects, and forged a partnership with SolarShare, Ontario’s largest solar co-op, which brings extensive experience in development and financing. SolarShare members can invest in GT projects through “Solar Bonds,” in either a 5-year term at 5% interest or a 15-year term at 6% interest. 5-Year Solar Bonds are RRSP / TFSA eligible.
Below is an interview with Ambrose Raftis, President of Green Timiskaming:
How do GT projects benefit your surrounding community?
Local investors have the option to invest in local projects that are backed by Solar Share with a strong operating record of projects. This gives them local returns and long-term security with their investment.
What have been your biggest challenges?
The biggest challenge has been spreading the word of the value of local solar investments.
Why does Community Power matter?
Community Power allows people to participate and thus direct the development of their community. This allows them to better understand the levers of change and incites them to participate more fully. By investing in local renewable energy projects, members receive more satisfaction in their community, themselves and the world around them.
Visit greentimiskaming.ca and solarbonds.ca to learn more.