Sunlight brings savings to Trust Horizon
With every sunrise over the beautiful Eastern Bay of Plenty, Trust Horizon is saving on energy costs –thanks to its 18.5kW solar photovoltaic (PV) system.
In 2023, Trust Horizon joined New Zealand’s growing number of commercial properties who are lighting up their businesses by converting their rooftops into power plants.
The Trust’s solar PV system features a series of solar panels that draw energy from the sun, and use it to generate electricity. With the Eastern Bay’s high sunshine hours, these panels produce a significant amount of energy each year. This has greatly reduced Trust Horizon’s reliance on grid sourced electricity, and provided savings on electricity costs.
“Our solar system has achieved a 7.7% return on investment in its first year, and with electricity price increases this year the return is forecast to increase to 8.4%,” says Trust Horizon CE, Derek Caudwell. “Looking out over the system’s 25-year-plus life, the internal rate of return is forecast at 8.5%. From an impact investment perspective, this aligns with our priorities and makes financial sense, with low risk and good consistent returns.”
By reducing reliance on fossil fuels, Trust Horizon not only hopes to lower their carbon footprint and save on energy costs. It also hopes to serve as an example to other organisations who may be considering the switch to solar.
“Solar prices have come down since we installed our system, which means those who install now may be able to achieve returns of over 10%,” says Caudwell. “We hope that by sharing our experience, more future-focussed businesses and community groups will embrace solar power and contribute to a sustainable and resilient future.”
While solar power solutions save money in the long-term, the high up-front costs can prove a barrier to their adoption. To assist those who may struggle with financing installation costs, Trust Horizon has partnered with Community Finance to provide low-cost finance through community bonds.
Using this innovative funding model, the Kawerau Enterprise Agency (KEA) is now on track to install a 25kW system on its Onslow Street premises. “Being a non-profit, any streamlining of costs helps us put more money back into economic development for Kawerau. We really value the support that Trust Horizon has provided KEA in bringing game-changing environmental benefits to our community,” says Kevin Power, KEA General Manager.
“Our local environment deserves our care and attention. Solar panels silently soak up sunlight, emit no greenhouse gases during their operating life, and pay back their embodied emissions from manufacture quickly,” says Caudwell. “For the Trust it’s not just about saving money; it’s about shaping a sustainable future. That makes solar power a win-win for Trust Horizon and the planet.”
If you want to apply for funding from Trust Horizon, look at our funding page for more information