With the cost of energy soaring and energy reliability continuing to decline, Paringa Estate on Victoria’s Mornington Peninsula has used EUF to fix its energy costs.
Rye Hotel is a well-established business which includes a bistro, café, beer garden, bar, function rooms and resort style hotel with conference facilities. The accommodation facilities include 13 beach-front plus 30 poolside suites. Owner and manager Peter Houghton had been planning the installation of solar panels at the site for some time, however, the main obstacle when contemplating a solar panel installation of this size was the upfront cost. EUF overcame this cost barrier, allowing the savings from reduced power bill to pay for the repayments.
This upgrade resulted in a 25% immediate saving on accounts, allowing the savings to cover the loan repayments. The expected savings over the 25-year asset lifetime are $560k
We could never have come up with that kind of money to fund solar panels on our own, so we’re very grateful to Sustainable Australia Fund for their help and making that happen
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