RenewableUK has published a report stating that people living near wind farms and hydro-electric power stations may soon be able to buy stakes in renewable-energy projects as part of community ownership schemes.

It says that shared ownership can be introduced through joint ventures, split ownerships, shared revenues, bonds or debentures in a project.

Energy Secretary Ed Davey (pictured) is supporting the proposal, saying that shared ownership would “revolutionise” the move away from fossil fuels.

“By giving communities the opportunity to buy into — and benefit from — renewable-energy developments in their area, they can play their part in generating power at a local level sufficient to supply electricity for a million homes by 2020.”

Supporters believe that increased public involvement could reduce the opposition to planning permission and be “mutually beneficial” for developers, energy companies and local people.

Although community-owned wind farms are common in Germany and Scandinavia, the first did not come to Britain until Baywind Energy Co-operative was formed in 1996; it has since attracted 1,300 investors and raised enough money for six turbines in Cumbria.