Origin has secured a 12-year $100million finance commitment from the Clean Energy Finance Corporation (CEFC) to further develop rooftop solar offerings for Australian consumers.
The finance will be utilised by Origin to support its Solar as a Service offering where customers can access the benefits of solar without purchasing the solar system. This sort of offering is also known as a power purchase agreement (PPA).
Through Solar as a Service, the customer buys solar energy produced by a solar installation on their roof, which is owned, operated and maintained by Origin. The initial solar contract rate for eligible customers will be lower than what they would pay for energy from the grid.
The CEFC finance also provides flexibility to support Origin’s future roll out of battery storage solutions. Origin is currently trialling a battery solution in market and expects to have a battery offering available to customers later in 2015.
Origin General Manager Solar and Emerging Businesses, Phil Mackey said, “Origin is already one of Australia’s longest-standing and largest solar retailers and we aspire to be number one, driving long- term growth in the solar market.
“Solar as a Service is already proving an attractive proposition to customers since it was launched earlier this year, and the CEFC finance will be used in expanding the offering, so more Australians can enjoy the benefits of solar,” said Mr Mackey.
The CEFC provides competitive finance that meets the needs of clean energy business developers.
CEFC CEO, Oliver Yates said, “PPAs 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.”
Origin’s Solar as a Service offering was launched in May 2015 and is currently available to residential and business consumers within a 100km radius of the central business districts of Adelaide, Brisbane, Gold Coast, Sydney and within a 50km radius of Townsville.