Citizens Own Renewable Energy Network Australia (CORENA)

CORENA (Citizens Own Renewable Energy Network Australia Inc) enables individual citizens to speed up the transition to 100% renewable energy by helping to collectively fund renewable energy projects.

Unlike other community owned renewable energy (CE) projects, for CORENA projects the community is Australia as a whole, and projects are funded via voluntary contributions rather than investment.

Funding model

CORENA believe many supporters of community energy are primarily motivated by wanting to 'do something' about climate change rather than necessarily looking for a financial return.

• they have opted for a simple donation mechanism
• anyone anywhere in Australia can be part of CORENA projects by chipping in any amount
• all financial returns are used to help fund subsequent projects rather than returning to investors

Quick Win projects

CORENA uses donated funds to give interest-free loans of up to $20,000 to community organisations to fund solar installations and energy efficiency measures.

The loan is repaid just out of the subsequent savings on power bills, meaning that the project does not cost the community organisation anything. The loan repayments immediately help fund the next project.

The only administrative requirements for this model are:

• a legally valid loan agreement template
• proper record keeping with transparent reporting
• annual audits

CORENA aims to complete at least one Quick Win project in each state and territory by the end of 2014.

• the first was completed in November 2013, a 7kW solar PV installation for Tulgeen Disability Services in Bega, NSW
• the second project is a 10kW solar installation, and replacement of halogen security lights with LED lights, at the Gawler Community House in SA

The Quick Win projects will eventually become financially self-replicating. After around 120 projects, loan repayments alone will be sufficient to fund around one new project per month. Reaching that point will require around $2.4 million, or an average of $24 from each of 100,000 people.

Big Win projects

The initial Big Win project aim is to fund a citizen-owned solar thermal plant with storage at Pt Augusta SA, one of the best sites identified in the stationary energy plan published by Beyond Zero Emissions.

• Australia could transition to 100% renewable energy in 10 years at a cost of $8/week per household, according to the BZE plan

• if 720,000 households contribute that amount for just one year, that would provide the $300 million required for a 50MW solar thermal plant with storage

CORENA believes a project of this magnitude is needed in order to excite and empower the public and be a catalyst for widespread mainstream climate action.
All profit from electricity sales will be used to help fund subsequent utility-scale projects.

Regional Partnerships

CORENA is building partnerships with regional climate action groups.

These groups can help by:

• instigating Quick Win projects at local community organisations
• using CORENA project mechanisms to engage and empower their local communities by giving them the opportunity to be part of practical renewable energy projects
• partnering with CORENA is also a way for groups who are working towards a local investment-based CE project to achieve some interim outcomes