SolarZero gets award for schools initiative

SolarZero has won the Finance for Impact Award at the 2023 New Zealand CFO Awards.

The award in recognition of the SolarZero Schools initiative was collected by SolarZero chief executive Matt Ward.

The programme is intended 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,” says Ward.

“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 service provides guaranteed savings to a school on their electricity spend for 20 years.

The programme required the collaboration of SolarZero with the Ministry of Education (MOE), Ecotricity and NZ Green Investment Finance (NZGIF).

It aims to abate up to 5% of New Zealand’s emissions from the electricity sector, provide education to New Zealand school children on the role renewable energy can play in decarbonising the country, deliver 100% Toitu Climate Positive electricity to schools, and provide guaranteed savings and opportunities for additional income for schools.

The service required the development of a new business model and funding model.

Key objectives were to develop an Energy Service (not a traditional power purchase agreement) where the school was guaranteed to save and did not require any upfront capital.

Ward explains that traditionally developing a power purchase agreement is difficult for a school because it involves risk and requires expertise outside of the school’s domain.

“Developing a model that works for schools required significant technical and financial innovation that relied on the positive collaboration of multiple stakeholders,” says Ward. “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