Cross Keys, Peterborough’s largest housing association, has announced that it has partnered with global investment bank Macquarie to install around 2,600 free solar arrays across its property portfolio.
The scheme has been designed to help Cross Keys Homes’ most vulnerable residents and will see solar arrays installed on suitable sites, providing tenants unlimited access to the electricity generated from the arrays for free.
Chairman of Cross Keys Homes, Dr Angus Kennedy, explained that the solar PV rollout is intended to help those in fuel poverty and address rising energy prices. He said: “We are determined to do all that we can to alleviate the hardship many of our residents are facing at this difficult time, as well as lead the way in the housing sector using new and unique initiatives. This is a fantastic opportunity for our residents and one which we are very proud to be embarking on. It will help many residents in the fight against fuel poverty and hopefully will encourage more housing associations and social landlords to take up this fantastic opportunity.”
Rollout of the free solar started in December and the companies estimate that a typical 4kWp array will help save £250 a home each year. Collectively the solar scheme should allow total savings of over £500,000 for Cross Keys’ tenants ever year.
Commenting on the launch of the free solar scheme, Andrew Gray of Macquarie Lending, said: “This marks a significant first step in Macquarie Lending’s strategy to support housing associations efforts to reduce tenants’ energy bills. We are looking forward to building on this platform and working with associations across the UK as they seek to do the same for their tenants.”
Macquarie recently revealed that it was funding a £120 million residential ‘free solar’ deal with housing contractor Forrest.