We have over 100 shareholders, mostly based in Muswell Hill and surrounding areas. We generate income through the Feed In Tariff from our solar roofs, and this is spent on local community benefit initiatives, in accordance with our constitution as a society. These initiatives include energy efficiency workshops, green open home weekends, and provision of low cost energy-saving equipment. We promote local installers of energy efficient measures and work alongside Haringey Council, with whom we have a history of successful collaboration.
A Community Benefit Society
en10ergy is a community benefit society (cbs). A cbs is entitled to trade, like a company, but its activity must be for the benefit of the community in which it works, rather than for the profit of its owners. People become members by buying shares in it. It is run by unpaid volunteers, and its workings are democratic. All shareholders are equal members of the society, regardless of how many shares they hold, and have an equal vote in the society’s decisions regardless of the number or type of shares they hold.
The set-up and management of our projects is handled by a management committee of members. A board of directors has overall responsibility for our operations, which are regulated by the Financial Conduct Authority. Any member is eligible for the board.
Shareholding in en10ergy
The shares offered when en10ergy was founded bore no interest, and had no repayment period. Owners of these shares remain members until the withdraw them all by selling them back to en10ergy. Since the summer of 2017 there is another class of share, which pays interest for a specified period. Holders of the latter shares are members for the period during which they receive interest, after which energy has in effect bought the shares back, and the shareholder ceases to be a member. Should they wish to continue in membership, they must buy one or more of the non-interest-bearing shares.
Both forms of shares are ‘Community Shares’. These are not tradable and not protected under the compensation arrangements for shares in commercial companies. They are sold purely for the purpose of raising capital for projects of benefit to the community, and the amount of interest payable on them is limited to that necessary to raise the capital in the first place.