Community Solar Kickstart For Geelong Sustainability

The Victorian Government is providing a $140,000 grant to support the implementation of Geelong Sustainability’s community solar investment model.

The first Community Owned Renewable Energy (CORE) project to be executed via the fund will be a 149kW solar power system at the Multicultural Aged Care (MACS) facility.

The project will see 99kW of PV capacity installed on the Residential Care building and 50kW on another building at the facility. Featuring more than 500 solar panels, the MACS systems will avoid 210 tonnes of carbon dioxide emissions a year.

MACS will make monthly payments over ten years, with those payments going back to investors. Once the system is paid off, MACS will then take ownership. It’s expected MACS will see electricity bill savings of around $29,000 in the first year and the savings will be more than the payments.

“Our Community Solar Investment Model will be a Victorian first, and sets a new paradigm for community energy projects in the region,” said Dan Cowdell, Project Coordinator at Geelong Sustainability. “It also sets up a win-win-win scenario. Community investors get a return on investment, local organisations get solar for zero upfront costs, and of course the environmental outcomes with more clean energy in Geelong.”

Geelong Sustainability says the project should be open for community investment early in 2018 and the system installed by the middle of next year. Members of the Geelong community who would like more information regarding the investment offer when it opens next year can register their interest here.

The Victorian Government’s contribution has been provided from the second round of its $20 million New Energy Jobs Fund (NEJF). The money will be used to set up the company to drive CORE Geelong.

“This is a fantastic opportunity for our region and a great example of the many benefits innovative approaches to cheap, clean energy can have for communities,” said Christine Couzens, Member for Geelong. “I hope it will be the first of many successful community solar projects from the Geelong Sustainability Group, and will inspire others to follow suit.”

Another Australian organisation achieving success in the community solar arena is Citizens Own Renewable Energy Network Australia (CORENA). Donations from the community finance projects and repayments on systems are funneled back into the fund to finance other systems, with a goal of the revolving fund becoming self-sustaining.