David Osmond of Canberra has two reasons when he puts his money into solar panels rather than saving it in the bank. He said that the returns are better and it’s going towards a cause he’s very passionate about as reported by SMH.
The latest solar project he will invest in will be the biggest community-owned solar farm in Australia, and it will be located in Canberra. David Osmond is one of the first investors in the SolarShare Community Energy Majura Solar Farm. It’s a $3 million worth solar plant, that when built, will produce enough electricity to power 250 Canberra homes.
Lawrence McIntosh, SolarShare project leader said more than 5000 solar panels will be built on 3 hectares of land leased from the Mount Majura Vineyard, producing 1.9 gigawatts-hours of electricity every year. The farm will be owned by the community and investors pledging $50 to $10,000 each towards its maintenance and construction. 400 people have already registered as investors so far and more are being welcomed.
This flagship farm is anticipated to earn more than $360,000 every year from selling electricity to the energy networks. Its profits are promised to be shared among the project’s investors. The company has also applied for a fixed-price feed-in-tariff of 20 cents per kilowatt-hour generated within 20 years. Mr McIntosh sees the development as part of a growing movement of consumers taking control over their future in energy.