People’s Energy starts to repay crowdfunders

East Lothian-based People’s Energy is to pay a dividend to 500 of its members three months earlier than planned.

The crowdfunded gas and electricity supplier, formed in Musselburgh in 2017 as an alternative to the corporate model, had scheduled its first pay-out for March 2019.

However, it announced yesterday that a quarter of its 2,000crowdfunders willnow receive a payback of free energy worth an average of £483.

The firm, which supplies some 20,000 people, said it is “confident” that profits will continue next year, allowing it to share 75 per cent of profits with its members by 2020 as part of its payback plan.

Co-founder Karin Sode said: “We are absolutely delighted to be able to start the payback to those who had faith in our vision of a people-powered energy supplier and helped crowdfund the company. We hoped to start our first payout by March but business has been so strong that we are able to honour the pledge earlier.”