A NEW community energy project in Geelong has raised more than $150,000 from local investors in its first week since launching.<\/p>\n
The clean energy project, named CORE Geelong One, will see a 156kW solar system installed at Multicultural Aged Care Services (MACS) in North Geelong.<\/p>\n
The project is a first for Victoria, but demand from investors surprised even Geelong Sustainability, the organisation behind it.<\/p>\n
\u201cIt\u2019s an exciting project and our community-owned business model is a first for both our region and for the state, but we weren\u2019t expecting the level of response we got from the community so quickly,\u201d Geelong Sustainability project coordinator Dan Cowdell said.<\/p>\n
\u201cThe project is a huge step forward when it comes to Geelong\u2019s carbon emissions reduction \u2013 it will reduce carbon emissions by 210 tonnes annually, which is equivalent to planting more than 1,470 trees per year or taking 60 cars off the road.\u201d<\/p>\n
MACS, in North Geelong, will lease the solar system for 10 years and the lease fees will repay the principal investment plus interest to investors. At the end of the lease, MACS will pay one dollar and receive full ownership of the system.<\/p>\n
Geelong Sustainability president Vicki Perrett said the demand for the project demonstrated how popular renewable energy was in regional Victoria.<\/p>\n
\u201cBack in 2014, the top response to a supporter survey identified the need for a bold renewable energy project in our region.<\/p>\n
\u201cAfter four years of research and development, we are very excited to witness the project\u2019s immediate success. It\u2019s a win-win-win project, delivering benefits for the aged care facility, for local investors and for the environment.\u201c<\/p>\n","protected":false},"excerpt":{"rendered":"
A NEW community energy project in Geelong has raised more than $150,000 from local investors in its first week since launching. The clean energy project, named CORE Geelong One, will see a 156kW solar system installed at Multicultural Aged Care Services (MACS) in North Geelong. The project is a first for Victoria, but demand from […]<\/p>\n