A new community energy initiative has launched in Cannock Chase.

The initiative aims to help council tenants cut their energy bills.

The project, which is supported by Cannock Chase Council, seeks to raise up to £1m to install solar panels on between 150 and 400 council-owned bungalows in Cannock Chase.

Cannock Chase is the second most deprived area in Staffordshire after Stoke on Trent, with high levels of fuel poverty, and council tenants benefiting from the solar panels can expect to save around £160-a-year on their energy bills through free electricity generated by the panels.

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Investors are being offered a forecast annual return of 7% for the 20-year lifetime of the scheme, with a minimum investment of just £100. Returns are generated by the government's Feed-in Tariff subsidy, and excess funds will be used to build up a local community benefit fund.

Mike Kinghan, Chair of Chase Community Solar, said: "With a minimum investment of just £100, this is a scheme everyone in the community can benefit from.

"Buying a stake in CCS you can earn a fair return on your money while helping others in your community to save money on their electricity bills, and reduce carbon emissions. Shareholders will also be helping build up a community fund to support other local projects to benefit the wider community."

(CD/JP)