23 July 2014
The Clean Energy Finance Corporation (CEFC) is helping increase accessibility to solar energy for businesses, households and regional communities to save on energy costs and to reduce Australia’s carbon emissions.
CEFC CEO Oliver Yates provided details of new affordable finance models for solar projects at Australia’s premier renewable and energy efficiency event Clean Energy Week, in Sydney, on Wednesday, 23 July, 2014.
“Australian householders have embraced solar PV to reduce their energy bills. Businesses have been slower to invest, but we are starting to see growing demand from the commercial sector,” Mr Yates said.
“We’re working with Australian and international financial institutions, solar providers and manufacturers to offer new financing products that will widen and deepen the take-up of solar technology across Australia.”
The CEFC has announced more than $133 million for new solar programs and projects, bringing its total commitment to solar to over $200 million.
“Australia’s solar resources are a natural competitive advantage. We need to ensure more businesses and households have the opportunity to access the benefits of this advantage and take control of their energy prices, now and for the future,” Mr Yates said.
“Our new offerings are an important development in solar PV financing in Australia because they include both power purchase agreements (PPAs) and solar leasing.
“While relatively new here, these products are well established overseas and make it easier for householders and businesses to access solar power because they don’t have to source the upfront capital needed for equipment and installation.”
The CEFC’s new solar financing models for businesses and households will be rolled out by established, experienced and accredited installation companies and suppliers.
“Meanwhile, at utility scale, there is increasing demand for project finance for smaller solar projects, like the Northern Territory’s 4.1 MW Uterne 2 which the CEFC announced finance for this week. The CEFC is working with project developers to meet the financing gap for project finance for solar installations of this size,” he said. Read more
Clean Energy Week 2014, organised by the Clean Energy Council, runs from Tuesday, 22 July to Friday 25 July and was expected to attract more than 2,500 delegates from four continents.
Mr Yates joined industry panellists chaired by Clean Energy Council Director of Policy Russell Marsh to discuss banking and finance for solar projects.