The Goodmark Project a 100 kW rooftop community-backed solar installation has begun generation clean and renewable energy, becoming Torontos first-ever solar cooperative, and the biggest in the province of Ontario.
Two of Canadas most pioneering energy companies are behind the project: Bullfrog Power a 100% green energy provider; and SolarShare who have installed 20 community-backed solar units in Ontario.
This pioneering initiative allows Toronto citizens and businesses to play their part in backing the citys solar output. Community investors can purchase Solar Bonds from SolarShare and earn a competitive 5% return on the five-year bonds. So far, 500 local members have signed up to the scheme, raising an encouraging C$2 million in the process.
"Community participation is the crucial difference between Goodmark and the typical Ontario renewable energy project," said SolarShare president, Mike Brigham. "Citizens who are eager to promote green energy but may not have the means or the rooftop to install their own projects can pool their resources and finance community projects, earning a financial return from project revenue."
Josephine Coombe, Bullfrog Powers Vp for sales and marketing, added: "Seeing the Bullfrog Power and SolarShare communities come together is what we are all about supporting the development of new renewable energy projects that people can see in their communities."