SWINDON residents could soon have the chance to invest in a variety of green energy schemes as the town seeks to become more energy efficient.

The council is pushing forward with a number of solar projects, such as solar sound barriers along the M4 and A419 as well as solar farms in Wroughton and Chapel Farm.

Several months ago officers started looking into whether it was viable to set up community investment schemes and at a meeting earlier this month it was decided that the project was viable.

Similar schemes around the country offer higher rates of return than many savings accounts but the council has admitted it lacks the expertise to run the project so a suitable partner is being sought.

There will be two ways in which people can invest – one which will run with Wiltshire Wildlife, which already operates a successful solar farm, while the other will go through Swindon Commercial Services.

Over the next six months the final details of the project will be put together, with residents finding how to invest early next year.

Coun Dale Heenan (Con, Covingham and Dorcan), cabinet member for sustainability, said: “We are trying hard to encourage businesses to create local green jobs and invest in renewable energy projects, but we want residents to enjoy the financial benefits too.

“Swindon Council has agreed a way for local people to directly invest their own money and achieve far better returns than any savings account.

“Four year debenture bonds at seven per cent through a partner of Swindon Commercial Services, and a more traditional shares, co-operative approach with Wiltshire Wildlife Trust will ensure the money is handled with safe pairs of hands.

“I hope the community investment schemes will be available from March 2015, with two solar farms on Swindon Council land and the innovative M4 and A419 Solar Sound Barrier as the first projects open to resident investment. The sooner the funding is available for the barriers the sooner we can start work, so I am very pleased.”

The scheme has cross party support. Coun Mark Dempsey (Lab Walcot and Park North) said: “We believe growing the green economy and a Solar Swindon are crucial to Swindon's economic future. We led the way with Labour's proposals for a Solar Swindon and Solar Cooperative and I am really pleased these projects are now progressing.”