Coastal cold storage environmental upgrade finance

An Australian family-owned business located in North Geelong, Coastal Cold Storage, has offset $12,000 annually from their electricity costs and reduced their greenhouse gas emissions annually by  100 tonnes.

Coastal Cold Storage is the first Geelong business to sign an Environmental Upgrade Finance agreement with the Sustainable Melbourne Fund (SMF - now known as Sustainable Australia Fund) and the City of Greater Geelong to fund the installation of a 65kW solar PV system.

Initially Coastal Cold Storage planned to install a 30kW system. However, with their high electricity bills combined with the high feed-in tariff, a larger system proved more beneficial by offsetting their daytime energy use and offsetting the cost of their night-time use with feed-in tariffs.  They plan to install battery storage in the future, to capture the power they generate and use it directly, when battery storage is more economically viable for them.

Financing the system through an EUA means the solar system repayments can be made over 10-years at a low interest rate and paid at the same time as their commercial building council rates. By signing the Environmental Upgrade Finance agreement, Coastal Cold Storage had no upfront costs and instead pay for the system over time, while saving on their energy bills. 

Page last updated: Wednesday, 17 February 2021