Circular trust backs solar projects

A community environmental group has added new meaning to renewable energy funding, by creating a self-replenishing cash kitty that backs local investment in green technologies.

Geelong Sustainability (GS) launched its Community Energy Revolving Fund (CERF), which delivers interest-free loans for solar installations that organisations can pay back with money they save on energy use over a five-year period.

GS would then use its recouped funds to provide grants to other recipients to install solar panels and batteries.

Community Power Hub Barwon South West program manager Steve Turnock said the program was a new approach to renewable energy investment for the region.

“The CERF is an innovative funding mechanism allowing community groups to access renewable technologies,” he said.

“Once the loan is paid back through the energy savings, the system is fully owned by the community group and continues to deliver environmental and financial benefits for many years to come.”

YMCA Geelong were the first recipient of CERF investment, installing a 60kW solar system on its roof for predicted savings of $13,000 a year on their power bills.

Mr Turnock said State Government funding had helped set up the program, but that ongoing community donations could help it grow and support more investment in the future.

“Seed funding from Sustainability Victoria has enabled us to implement the first CERF project at YMCA in Geelong, however ongoing community donations will be important for growing the Fund and building increased capacity over time,” he said.

“The more funds we have available in the CERF, the more renewable projects we can deliver.”

Tax-deductible donations and more information about the project are available at the GS website.