A new solar panel installation in South Australia has brought Citizens Own Renewable Energy Network Australia Incorporated’s (CORENA’s) tally to 35kW.
35kW may not sound like a big deal, but the method by which this has been possible is – a revolving funding model.
CORENA provides interest-free loans via donations to pay for solar installations and energy efficiency measures. After the loans are repaid out of savings on power bills, the original donations are then used again in new projects.
“After just four projects the growth potential of our revolving funding model is looking quite exciting,” said CORENA spokesperson Margaret Hender. “The four projects completed so far have cost a total of $63,460. Climate-concerned citizens donated most of that, but $10,438 of it came from loan repayments from completed projects.”
The latest project was a 7.8kW system installed at Children’s House Montessori School in Camden, South Australia – a complicated project due to it being two separate systems. The array features Trina solar panels and Enphase microinverters so that the power conversion aspect of the equipment would be well out of reach of the many children who use the facility.
Even with the additional requirements resulting in a higher cost, the system will pay for itself in just under 7 years, with loan repayments at $673 a quarter.
Around 158 contributors made this project possible.
“I could talk to politicians until I’m blue in the face in the hope of getting better renewable energy policies, and never know if I’ve had any effect,” said Ms Hender. “But if I put $100, or $10 a week, for example, into solar panels on a roof somewhere, within a matter of weeks my money will be reducing carbon emissions and keep on doing so forever as it is used again and again in future projects.”
Donors can choose whether to help fund Big Win Projects or Quick Win Projects, such as Children’s House. CORENA says 100% of the money is spent on the chosen renewable energy project. The organisation’s running costs are covered by membership fees and admin-specific donations.
The first project to have benefited from CORENA’s revolving funding model was Tulgeen Disability Services; located in Bega, New South Wales. 1.5 years later, the organisation is still very happy with its investment.
“The system has met its goals, demonstrating savings in CO2 emissions and dollar savings,” said Tulgeen CEO Peter Gorton. “We are able to provide increased support and service diversity from our limited amount of funding, as we are wasting less on purchasing energy.”
CORENA isn’t just looking at funding smaller systems – it also has bigger ambitions; such as Australia’s first citizen-owned solar thermal plant.
