Australia’s largest solar project would be financed by ‘everyday investors’ in an exciting community initiative which will bring jobs, investment and solar power, through community involvement , to the Shoalhaven region.
Shoalhaven Heads Bowling and Recreation Club has launched on online campaign to raise $119,800 for the almost 100kW community-owned solar power system.
Installation of what will be Australia’s largest community-owned commercial solar system is set to begin now that the Shoalhaven Heads Bowling and Recreation Club signed off on the 99kW project.
The project, dubbed Repower One, is being driven by Repower Shoalhaven, a community group formed last year to spearhead the south-coast NSW town’s transition to sustainable energy systems.
Locals are now being invited to register their interest in the project. Repower is calling for an upfront investment of $5,990 per shareholder, for a 3.96kW share of the system. The rate of return projected for investors is 6.5% per annum, over a 10-year period.
Ultimately, the plan is for 80 per cent of the rooftop solar system to be funded and owned by community shareholders, with the remaining 20 per cent to be owned and funded by the Club. The Club will purchase the electricity from the solar power system, ensuring investors a healthy revenue stream, and at the end of the 10-year term, the bowling club will be ‘gifted’ the system.