Renewables provider Good Energy claims it is world’s first power company to accept an independent currency, which aims to keep money in local economy. An independent currency designed to boost Bristol’s economy by keeping cash in the area is celebrating a major coup after an energy company agreed that its customers could pay their bills using the local money.
Already consumers can use the “Bristol pound” for anything from groceries to council tax and bus fares, but now Good Energy customers can settle their electricity and gas bills with it too.
Good Energy, which supplies renewable electricity to homes and businesses across the UK and had revenue of £58m last year, claimed it had become the world’s first power company to accept a local currency.
Announcing the move on Tuesday, the founder and chief executive of Good Energy, Juliet Davenport, said: “This is a world first – there’s simply nowhere else you can pay for your gas and electricity with a local currency. We’re incredibly excited to be leading the way by inviting our customers in Bristol to support green energy and their local economy at the same time.”
Good Energy staff will have the option of receiving part of their pay in Bristol pounds and the company plans to use the currency to pay suppliers in the city, completing the loop and ensuring money is kept in the local area.
The mayor of Bristol, George Ferguson, said: “The Bristol pound is a tangible demonstration of the way Bristol does things differently, and it’s gone from strength to strength. I’m delighted to hear that Good Energy now accepts our very own local currency – along with over 800 Bristol businesses, large and small, which is excellent news for the local circular economy.”
The idea of the currency is to keep money spent in the city in Bristol and the surrounding region rather than it seeping away into the accounts of big businesses or their shareholders.
Run as a not-for-profit partnership with Bristol Credit Union, the Bristol pound is billed as the first city-wide local currency in the UK and the largest alternative to sterling. There are believed to be about 750,000 Bristol pounds in circulation.
Ciaran Mundy, director of the Bristol Pound Community Interest Company, said Good Energy’s announcement was a major step forward. He said: “We think this sets the precedent for other utility companies to follow suit.”
Good Energy insists its move is not just symbolic. It has more than 4,000 customers in Bristol alone – and points out that any of its customers around the country can also pay in the currency if they wish to.
Among the Good Energy customers who plan to pay its (not inconsiderable) electricity bill with Bristol pounds is the East Bristol Bakery in Easton. The purchase of one of its handcrafted loaves launched the currency three years ago.
The head baker, Alex Poulter, has a loyal band of regulars who pay in Bristol pounds and he already pays for his sugar, spices and dried goods in the currency.
Bristol printers Apple Colour both supplies power to Good Energy and buys electricity from the firm. All its dealings with the company from now on will be in Bristol pounds.
Richard Bracey, the company’s accounts manager, said: “Good Energy’s introduction of their use of the Bristol pound confirms they are making a commitment to trade locally, ensuring the growth of the area, which is great news.”
