Expanded project range for climate fund’s interest-free loans

The cycling of donations through projects funded by the Citizens Own Renewable Energy Network Australia is having a positive compound impact on emissions reduction. Rooftop solar projects are stacking up; now adding EVs and electrical (versus gas) appliances to the list of eligible projects.

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Citizens Own Renewable Energy Network Australia (CORENA) has expanded the range of eligible projects for which it offers interest-free loans to not-for-profit organisations for the purpose of reducing their carbon emissions.

In addition to rooftop solar installations and energy efficiency measures, CORENA will now also assist non-profits to reduce their emissions by replacing gas appliances with efficient electric alternatives, and by replacing fossil fuel vehicles with EVs.

Founded in 2013 and run almost entirely by volunteers, CORENA operates Australia’s longest running donor-driven revolving fund for practical climate action. Anyone can donate via the CORENA website to collectively fund the loans for these projects. Donations are then returned to the revolving fund in the form of loan repayments, and these repayments are then used again, in conjunction with new donations, to fund future emissions-reduction projects.

CORENA has an impressive track record of practical climate action through funding projects which would otherwise not happen.

To date $808,615 in interest-free loans has financed a total of 42 climate projects, with fundraising underway to provide an interest-free loan to a 43rd project.

Collectively CORENA-funded projects have avoided an estimated 1,822.5 MWh of grid electricity.

Applications for new loans are very welcome. Anyone can nominate not-for-profit organisations to receive an interest-free loan to reduce their carbon emissions. And anyone can make a donation, via the CORENA website.

The savings resulting from projects will usually repay the loan in 4 to 6 years, and from that point onward the organisation begins reaping the financial benefits. But everyone benefits immediately from the reduction in carbon emissions.

CORENA’s Chair, Briony O’Shea, was excited to announce the new project criteria: “Previously CORENA focused on solar installations and energy efficiency measures” she said. “However, recognising the climate impact of emissions from fossil gas and the transport sector, we now also offer interest-free loans to replace gas appliances with efficient electric alternatives as well as replacing fossil fuelled vehicles with electric vehicles”.

Some of the 42 projects that CORENA has previously provided interest-free loans for include:

  1. Gawler Community House, South Australia

    • 10 kW rooftop solar installation and replacing inefficient lighting with energy efficiency LEDs (installed 2014)

    • The $17,560 loan was repaid in 3 years, with that money being used repeatedly in subsequent project loans. To date that money has paid for carbon reduction measures costing a total of $64,755

    • The project has so far avoided a total of 102 MWh of grid electricity to date at Gawler Community House and subsequent projects

  1. Yackandandah Health, Victoria

    • Replacing inefficient lighting with energy efficient LEDs (installed 2016)

    • The $20,000 loan was repaid in 4 years, with that money being used repeatedly in subsequent project loans. To date that money has paid for carbon reduction measures costing a total of $49,697

    • The project has avoided 74 MWh of grid electricity to date

  1. Tarremah Steiner School, Tasmania

    • 100 kW rooftop solar installation (installed 2020)

    • The project has avoided 64.6 MWh of grid electricity to date

    • The $70,000 loan is expected to be repaid in just over 4  years and that money will then be used repeatedly in subsequent project loans to pay for further carbon reduction measures

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