It was for an innovative program that guaranteed savings for schools
solarZero, New Zealand’s largest provider of solar energy, has scooped the Finance for Impact Award at the 2023 New Zealand CFO Awards, for pioneering a first-of-its-kind, innovative programme that offers guaranteed savings to schools on their electricity spend for 20 years.
The solarZero Schools programme, developed in collaboration with the Ministry of Education (MOE), Ecotricity, and NZ Green Investment Finance, was designed to install solar on as many schools in New Zealand as possible.
“solarZero Schools was developed to enable schools in New Zealand to adopt solar without upfront capital,” solarZero CEO Matt Ward (pictured above) said. “It’s been terrific to see the engagement from the school communities we’ve worked with so far and we are looking forward to scaling this programme further.”
The programme aims to reduce New Zealand’s emissions from the electricity sector by up to 5%, educate young Kiwis on the role renewable energy can play in decarbonising the nation, deliver 100% Toitū Climate Positive electricity to schools; and provide guaranteed savings and opportunities for additional income for schools.
The new service required the development of a new business model and funding model. Its key objective was to develop an energy service (not a traditional power purchase agreement) that will guarantee savings for the school and that did not require any upfront capital.
Ward said it’s difficult for schools to traditionally develop a power purchase agreement because of the risk involved as well as the required significant expertise, which was outside their domain.
“Developing a model that works for schools required significant technical and financial innovation that relied on the positive collaboration of multiple stakeholders,” Ward said. “The net result is an outcome that delivers learning powered by the sun, reduces emissions, and saves schools more money to spend on improving educational outcomes for our tamariki.”
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