Non-profit organisations play a vital role in our communities, providing essential services and support to those in need. However, many non profits operate on tight budgets, making it difficult to invest in much-needed upgrades like renewable energy systems. That’s where interest-free loans for solar panels and other sustainable projects can be a game-changer. Organisations like CORENA offer a lifeline to not only non profits, but also charities, social enterprises and local community organisations, empowering them to decarbonise, embrace a greener future while reducing their operating costs.
CORENA: A Registered Renewable Energy Charity Helping Other Non Profits
CORENA (Citizens’ Own Renewable Energy Network Australia) is a renewable energy and climate foundation dedicated to accelerating Australia’s transition to a clean energy future.
We receive, record, and transparently report donations from the community. These donations are used to fund interest-free loans and provide expert technical advice and project management to non-profit organisations across the country, enabling your organisation to implement impactful climate action projects, such as:
- Energy efficiency upgrades
- Getting off gas – Replacement of fossil gas appliances with electric alternatives
- Solar panels
- Electric vehicles
- A combination of the above
Why CORENA?
- Zero Interest Loans: Eliminating interest significantly reduces the financial burden on non profits, making renewable energy projects more accessible.
- Focus on Non Profits: CORENA specifically caters to non-profit organisations, understanding their unique needs & challenges.
- Holistic Support: Beyond financial assistance, CORENA offers technical advice & project development support, ensuring projects are successful & sustainable.
Learn more about How CORENA Works
Types of Projects Eligible for Interest-Free Loans
CORENA’s Revolving Fund supports a wide range of renewable energy and energy efficiency projects, including:
- Solar PV Systems: Installation of solar panels to generate clean electricity and reduce reliance on the grid.
- Solar Battery Storage: Integrating batteries into solar systems to store excess solar energy for use during peak demand or outages.
- Energy Efficiency Audits & Upgrades: Implementing measures to reduce energy consumption, such as LED lighting, insulation, & efficient all-electric appliances.
- Commercial Electric Vehicles & EV Charging: EV purchasing & installation of associated charging infrastructure to support the transition to zero emission transportation.
- Transitioning away from Fossil Fuels: Replacing gas appliances with electric alternatives like heat pumps & induction stovetops.
- Community Energy Projects: Renewable energy projects that are developed, owned, & operated by a local community
Benefits of an Interest-Free Loan from CORENA
Accessing interest-free loans for renewable energy projects offers numerous benefits for non-profit organisations:
- Reduced Operating Costs: Generating clean energy on-site significantly lowers electricity bills, freeing up funds for core services.
- Environmental Stewardship: Reducing reliance on fossil fuels minimises carbon emissions and contributes to a healthier environment.
- Enhanced Sustainability: Investing in renewable energy demonstrates a commitment to sustainability, enhancing the organisation’s reputation & attracting potential donors.
- Community Engagement: Renewable energy projects can engage the community & raise awareness about climate action.
- Climate & Energy Resilience: Solar and battery systems and electric vehicles can provide backup power during grid outages, ensuring continuity of essential services.
Learn more in 5 Ways CORENA Helps Non Profits Reduce Carbon Emissions & Energy Costs
Eligibility Criteria for CORENA Interest-Free Loan Funding
To be eligible for CORENA funding, non-profit organisations must meet certain criteria:
- A well established organisation that is likely to continue operating for many years.
- An organisation that provides broad community benefit (eg. a church-run food bank is eligible, but a building used for worship isn’t).
- An organisation that is consistent with our ethical considerations (eg. a sports club that has poker machines is not eligible).
- An organisation where sourcing capital is a barrier to you implementing the project.
If the applicant is a religious organisation, the project must be for non-proselytising activities that provide tangible benefits to the general public.
Learn more in Not-For-Profits, Charities, Foundations & Social Enterprises: What Is The Difference & How You Can Support Them?
Beyond CORENA: Other Potential Funding Options
While an interest-free solar energy loan from CORENA’s revolving energy fund could potentially finance your entire project, it’s also a good idea to explore other funding options for renewable energy and sustainability-related initiatives:
- Government Grants & Rebates: Various federal & state government programs offer financial incentives for renewable energy projects.
- Philanthropic Foundations: Seek grants from foundations that support environmental sustainability & community development.
- Ethical Investment Funds: Explore investment opportunities with ethical funds that prioritise social and environmental impact.
- Community Fundraising: Engage your local community through fundraising events or donation drives.
Learn more in Australia Renewable Energy Grants & Funding: What is the difference & how to apply?
How to get a loan for interest free solar panels & systems?
The application process for a CORENA zero-interest loan is straightforward:
- Contact CORENA: Reach out to CORENA to discuss your project and eligibility.
- Submit an Expression of Interest (EOI): Provide details about your organisation & proposed project.
- In principle approval: the organisation and initial project details will be considered by the CORENA committee for in principle approval.
- Develop project details with CORENA: refine project details, finalise your quotes and select the installer.
- Final Approval: The CORENA committee will give final approval for the loan to go ahead.
- Fundraising: If we have funds available from previous repayments we may be able to fund your project straight away. If not, you will join the project queue and we will actively fundraise for your project.
- Loan Approval and Disbursement: Once CORENA has completed fundraising for the required amount, the loan agreement is finalised, and funds are disbursed for project implementation.
Learn more in Apply for a Project Loan
Embrace a Sustainable Future & Be Part of Australia’s Renewable Energy Revolution
Interest-free loans for solar panels and other renewable energy systems are empowering non-profit organisations to embrace a sustainable future. By reducing energy costs and minimising your environmental and carbon footprint and striving for net zero, your non profit, charity, community group, or social enterprise can focus on what you do best: serving your community and making a positive impact. CORENA is helping to drive the transition to a clean energy future, one community project at a time.
To learn more, check out how to apply for a loan, or register for one of our upcoming Online Q&A Information Sessions.
