The Clean Energy Finance Corporation is engaging in a $100 million, 12-year partnership with Origin to support solar power purchase agreements for business and residential customers.
Under the PPAs, Origin will install and manage solar systems at no upfront cost, with consumers paying a price per kilowatt-hour of solar energy produced – most likely at a rate lower than offered through the grid.
“PPAs are an innovative way of driving further uptake of solar, by effectively allowing solar customers to purchase the energy generated from their panels, rather than having to purchase the panels themselves,” CEFC chief executive Oliver Yates said.
“They offer a clear benefit for residential and business consumers, who can have increased confidence about their long-term electricity costs, while at the same time enjoying the benefits of solar.”
He said the deal provided Origin with access to long-dated finance, which would be beneficial for a program of this scale.
“This will assist Origin in expanding its roll out of solar and battery storage offerings to residential and commercial customers.”
Origin general manager solar and emerging businesses Phil Mackey said the company’s “Solar as a Service” offering had been an attractive proposition to customers since launching earlier this year, and the CEFC finance would help expand the program to more Australians.
He said Origin aspired to be Australia’s number one solar retailers.
Solar projects form the largest proportion of the CEFC’s investment activity, at 33 per cent, with energy efficiency at 30 per cent and wind at 21 per cent.