Investing in the sun: A vision for community-driven renewable energy

Chloe (Hol Yin) Wu ☀️

Solar Share, a nonprofit cooperative in Ontario, is showing how communities can take charge of renewable energy investments. During a conversation with Chris Caners, Solar Share’s general manager, he shared how the organization empowers everyday Ontarians to invest in solar projects, combining financial returns with environmental impact.

“We’re all about empowering communities to participate in renewable energy investments,” Chris explained, his passion for the mission evident throughout our discussion. By transforming solar power into a tool for collective action, Solar Share is building a community-driven movement for sustainability.

What is Solar Share?

Founded in 2010, Solar Share was born out of Ontario’s Green Energy Act, which aimed to kickstart the province’s renewable energy sector. Today, the cooperative owns and operates 51 solar projects across Ontario, from urban rooftops to rural solar farms. These projects are funded by “solar bonds,” a unique investment product open to Ontarians.

Over time, we’ve raised more than $85 million from about 2,100 members,” says Chris. “Our members love the idea of solar energy and the cooperative approach–it’s democratic, transparent, and impactful.”

The solar bonds allow individuals to invest as little as $1,000 in renewable energy projects, earning fixed interest rates over a two- to 15-year term. This accessible model is what sets Solar Share apart and has made it a key player in Canada’s sustainable retail investing space.

Why Solar Energy?

Solar energy is highly adaptable. It can be harnessed on rooftops in dense urban areas or through ground-mounted arrays in rural regions. For Solar Share, this versatility has allowed the cooperative to establish projects across Ontario, from Manitoulin Island to the Greater Toronto Area.

One of the standout advantages of solar power is its stability. Unlike fossil fuels, which are subject to price fluctuations in global markets, solar energy relies on the sun – a free and consistent source. This makes solar an excellent investment, providing predictable returns over the long term while contributing to the global transition towards cleaner energy.

The cost of solar technology has also dramatically fallen, driven by advancements in production and scale. According to Chris, “Solar is an amazing electricity generation mechanism because you can literally do it anywhere. The technology keeps getting cheaper, which allows us to expand our reach and impact.”

Challenges and Opportunities

While Solar Share has achieved remarkable progress, Solar Share operates within a regulatory framework that limites its potential. Current rules in Ontario prevent the cooperative from selling electricity directly to its members, limiting its ability to build stronger ties with the communities it serves. Chris emphasizes the need for “virtual net metering,” a policy change that would enable Solar Share to sell electricity directly to individuals. “That would be a game-changer,” he says, “and it’s something we’re actively advocating for.”

Even with these challenges, Solar Share remains optimistic about its ability to scale. With supportive policies, community-driven cooperatives like Solar Share could become major players in the energy sector, following successful models in countries like Germany, where energy co-ops are a common feature of the renewable energy landscape.

The Role for Youth in Sustainable Investing

Younger generations are increasingly looking to align their finances with their values, and Solar Share provides a clear pathway for doing so. The cooperative’s community-focused model is particularly appealing to those who want to support tangible, local projects rather than abstract global funds. 

Chris points out that youth are driving much of the demand for change in the financial sector. “Younger people are asking critical questions about what their money is doing and how it’s being used,” he says. With the largest intergenerational wealth transfer in history underway, this shift in priorities could have profound implications for the future of sustainable finance.

Getting Started in Sustainable Investing

Retail investing typically happens on the stock market, where your investments only indirectly go towards building sustainable projects. But by purchasing solar bonds, retailers can directly invest in clean energy projects. For those just beginning their journey, organizations like Tapestry Community Capital and Good Investing offer additional resources to help you find opportunities that align with your passions.