Westmill Trading Dividend
*You must be a member of Westmill Wind or Westmill Solar to be eligible to apply for the Westmill Trading Dividend*
Introduction
Westmill Wind and Westmill Solar are pioneering co-operatives. One of our long-term goals is to enable members to buy the electricity that we collectively generate. The Trading Dividend is another step along this path. The concept was supported by over 70% of Westmill Wind and Westmill Solar members (324 out of 451 responses) when questioned as part of a survey in late 2020.
What is the Trading Dividend?
The Trading Dividend is a payment to members for purchasing the electricity we produce. It is similar to the vouchers provided by retail co-ops to their members. Our Trading Dividend will be paid as a credit on the electricity bills of those members of Westmill Solar and Westmill Wind who buy their electricity through Your Co-op Energy’s Co-op Community Power Tariff.
Initially the Westmill Wind and Westmill Solar boards have each proposed an annual ‘flat rate’ dividend of £15 per member household. The amount of the Trading Dividend will be discussed and agreed each year at the Westmill Solar and Westmill Wind Annual General Meetings. More information on the Trading Dividend can be found here.
Background
The Westmill Wind and Westmill Solar boards have sought to create a closer connection between the electricity we generate and the electricity used by our members. It is something that members have requested previously. It also enhances member economic participation, one of the seven guiding principles espoused by the International Co-operative Alliance.
Another of the ICA’s principles is co-operation among co-operatives and Your Co-op Energy’s Co-op Community Power Tariff offers electricity sourced from around 90 community generators, including Westmill Solar and Westmill Wind.
If you are a Westmill Solar member click here to find out more information on the Co-op Community Power Tariff.
If you are a Westmill Solar and Westmill Wind Farm member click here to find out more information on the Co-op Community Power Tariff.
Pilot
We sent out a survey at the end of 2020 and invited 81 interested members to take part in a pilot to help us shape the Trading Dividend before its rollout to all members. The survey and the pilot provided valuable feedback on how to improve and simplify the scheme.
How to apply
If you are a Westmill Solar member and interested in signing up to the Trading Dividend then please click here.
If you are a Westmill Solar and Westmill Wind Farm member and interested in signing up to the Trading Dividend then please click here.
You will be routed to a landing page facilitated by Your Co-op Energy that will enable you to sign up to the Co-op Community Power Tariff and become eligible for the Trading Dividend. This landing page has been created specifically for this initiative. If you would like to sign up to the Trading Dividend online then you can only do so via this landing page.
Trading Dividend FAQs
What is the Trading Dividend?
The Trading Dividend is a payment to members for purchasing the electricity that Westmill produces. Our Trading Dividend will be paid as a credit on the electricity bill of those members of Westmill Wind and Westmill Solar who buy their electricity through Your Co-op Energy’s Co-op Community Power Tariff.
How much will the Trading Dividend be?
Initially the Westmill Solar and Westmill Wind boards have each proposed an annual ‘flat rate’ dividend of £15 per member household. If you are a member of both Westmill Solar and Westmill Wind you will be entitled to two £15 dividends.
The amount of the Trading Dividend in future years will be discussed and agreed at the Westmill Wind and Westmill Solar Annual General Meetings.
How will the Trading Dividend work?
Westmill Solar members must apply to receive the Trading Dividend via a dedicated webpage. (https://www.cooperativeenergy.coop/westmillsolardividend/)
If you are already a Co-op Community Power Tariff customer, you will simply need to enter your customer number from Your Co-op Energy via a web form on the following landing page to confirm your eligibility. (https://www.cooperativeenergy.coop/westmillsolardividend/)
If you are not already a Co-op Community Power Tariff customer, then you will be taken through the process of switching onto the Co-op Community Power Tariff and as part of this you will receive your customer number from Your Co-op Energy.
There are separate webpages for members of the two co-operatives, so if you (and/or members of your household) are members of both Westmill Wind and Westmill Solar you will need to confirm your eligibility via this webpage (https://www.cooperativeenergy.coop/westmilldividend/).
Once you have signed up as a new Co-op Community Power customer or filled in your details as an existing customer then you do not need to take any further action. Your Co-op Energy will provide Westmill Solar and Westmill Wind with the details of the customers who have successfully signed up and the co-operatives will each validate from their records that you are indeed a member.
Eligibility for the first Trading Dividend will be conditional on the relevant household remaining on the Co-op Community Power Tariff for a period after the date of the Westmill Solar and Westmill Wind Annual General Meetings in 2021. We are working to ensure that once a member has confirmed their eligibility, they will not need to reconfirm it in future years.
Payment is expected to be made in July or August following our Annual General Meetings and will appear as a credit on each relevant member’s energy bill. Although the payment is made through members’ energy bills, the money for the Trading Dividend ultimately comes from Westmill Wind and Westmill Solar. The amount of the dividend will therefore be decided by Westmill Wind and Westmill Solar and it will be included in the annual accounts as payments from the two co-operatives to their respective members.
What if the Co-op Community Power Tariff is not suitable for me?
The Co-op Community Power Tariff will not be suitable for all members and other cheaper tariffs are available. In due course, we expect Your Co-op Energy to include dual-rate or time of use pricing options within the Co-op Community Power Tariff that would be specially tailored to the needs of e.g. electric vehicle owners.
Does the Co-op Community Power Tariff include gas as well as electricity?
Yes, and the gas provided under the Co-op Community Power Tariff is carbon neutral. However, in order to be eligible for the Trading Dividend, members only need to buy their electricity through the Co-op Community Power Tariff.
Can I switch away from the Co-op Community Power Tariff?
Members can switch away from the Co-op Community Power Tariff at any time (without paying any exit fees) but you will then automatically cease to be eligible for the Trading Dividend. The Trading Dividend is intended to encourage longer-term co-operative relationships, not reward a one-off, short-term change of tariff.
What if I am a member of both Westmill Wind and Westmill Solar – or there is more than one Westmill member in the household?
Each member household will be entitled to a maximum of one Westmill Wind Trading Dividend and one Westmill Solar Trading Dividend.
However, if, for example, you and your partner are both members of Westmill Solar Co-operative, you will only be entitled to one Westmill Solar Trading Dividend. This is to keep the payment process simple and avoid members ‘gaming’ the process by splitting their holdings between family members.
Will Westmill Wind and Westmill Solar receive any commission?
Westmill Wind and Westmill Solar will receive a one-off commission from Your Co-op Energy for each member household that is not already a Your Co-op Energy customer and that switch to the Co-op Community Power Tariff via the relevant webpage.
Both Westmill Solar and Westmill Wind member
The commission will be £30 for each household that switches onto a dual-fuel tariff and £15 for a single-fuel tariff. All commissions received will be allocated to our Community Funding.