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Northmore Gordon goes 2 for 2 in Solar VEECs; Completing the first two projects ever in Victoria

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Northmore Gordon has again registered VEECs for a Solar PVSolar Photovoltaic installation, completing the first 2 projects in as many weeks. This time for the Waverley Motor Group at their Mulgrave Showroom and Service Centre.

The 330kW of additional capacity installed at the site provided green energy to lighting, HVACHeating, ventilation, and air conditioning is the technology of indoor and vehicular environmental comfort. Its goal is to provide thermal comfort and acceptable indoor air quality., and IT equipment in the dealership, as well as machinery used in the workshop. The VEU program can credit any projects that save electricity or gas from the grid, so this site with a high level of self-consumption is suited to capitalise on the value from the Project Based methodology.

While export of excess solar generation is allowed in the program, it can’t be counted in the energy savingsElectricity or gas savings or both., meaning sites that have 6 or 7-day per week operations, have high daytime loads, or are able to shift loads into the solar generation curve – colds storage, retail, warehousing, and manufacturing – are able to maximise the value from participating in the VEUVictorian Energy Upgrades is a Victorian government energy efficiency program that gives every Victorian household and business the opportunity to receive rebates or discounts on energy saving products. program over the traditional approach of claiming LGCs for the renewable generation. The added bonus of using the VEU program is that the Federal Government carbon account rules allow keeping the green power credentials of your project towards your corporate sustainability goals.

“Solar VEECs now cover well over 40% of the cost of a large-scale solar system; it’s very compelling.  Even businesses excluded on the VEU SAP list would benefit opting in. They’d reduce their power consumption (and hence their VEU liabilty) and gaining access to large reductions in the capital cost of the solar system.   Add 30% back from full depreciation in the first financial year to > 40% covered and it’s a no brainer.  With the full capital expensing* likely to be extended to June 2023 companies should be doing this now to ensure systems are fully commissioned by then”

Hamish McGovern – Northmore Gordon, Group Commercial Director

With the VEECVictorian Energy Efficiency Certificate price continuing to hit all-time highs, the solar PBAProject Based Activities approach can yield 3 times the value of LGCs in net present value, while also bringing forward the incentive cash flow in 12 to 15 months from the commissioning of the system. The announcement in last year’s Federal Budget also allows businesses to fully deduct capital equipment purchases that are in operation by June 2022, further improving the project ROI. The additional benefit of using measurement and verification is that your saving are verified against an internationally recognised standard so you can be certain that the saving you have paid for have been achieve.

Talk to Northmore Gordon today to take advantage of the Victorian Energy Upgrades program – the leaders in PBA VEEC creation.

Sources: *ato.gov.au/General/New-legislation/In-detail/Direct-taxes/Income-tax-for-businesses/JobMaker-Plan—temporary-full-expensing-to-support-investment-and-jobs/

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What milestone did Northmore Gordon achieve according to this article?

Northmore Gordon registered VEECs (Victorian Energy Efficiency Certificates) for a Solar PV installation, completing the first two Solar VEEC projects ever in Victoria within the same number of weeks.

Which company's site was the subject of the second Solar VEEC project?

The second project was for the Waverley Motor Group at their Mulgrave Showroom and Service Centre.

How much additional solar capacity was installed at the Waverley Motor Group site?

330kW of additional capacity was installed at the Waverley Motor Group's Mulgrave site.

What did the solar energy generated at the Waverley Motor Group site power?

The solar power provided green energy to lighting, HVAC (heating, ventilation and air conditioning), IT equipment in the dealership, and machinery used in the workshop.

Why is the VEU (Victorian Energy Upgrades) Project Based methodology well suited to sites like the Waverley Motor Group dealership?

Because the VEU program can credit projects that save electricity or gas from the grid, and this site has a high level of self-consumption, making it well suited to capitalise on value from the Project Based methodology.

What limitation exists regarding exported excess solar generation under the VEU program?

While export of excess solar generation is allowed in the program, it cannot be counted toward the energy savings used to generate VEECs.

What types of sites can maximise value from participating in the VEU program instead of claiming LGCs?

Sites with 6 or 7-day per week operations, high daytime loads, or the ability to shift loads into the solar generation curve—such as cold storage, retail, warehousing, and manufacturing facilities—are best positioned to maximise value from the VEU program over the traditional approach of claiming LGCs for renewable generation.

What additional benefit does the VEU program offer beyond financial incentives?

The VEU program allows businesses to keep the green power credentials of their project towards their corporate sustainability goals, in line with Federal Government carbon account rules.

What did Hamish McGovern say about the value of Solar VEECs?

Hamish McGovern, Northmore Gordon's Group Commercial Director, said that Solar VEECs now cover well over 40% of the cost of a large-scale solar system, calling it 'very compelling.' He noted that even businesses excluded from the VEU SAP list would benefit from opting in, since they'd reduce their power consumption (and VEU liability) while gaining access to large reductions in the capital cost of the solar system. Adding 30% back from full depreciation in the first financial year brings the covered cost to over 40%, which he described as 'a no brainer,' especially with full capital expensing likely extended to June 2023.

How does the value of solar Project Based Activities (PBA) compare to LGCs, according to the article?

With VEEC prices continuing to hit all-time highs, the solar PBA approach can yield three times the value of LGCs in net present value, while also bringing forward the incentive cash flow to 12 to 15 months from the commissioning of the system.

What tax benefit related to capital equipment was mentioned in relation to solar projects?

The Federal Budget announcement allows businesses to fully deduct capital equipment purchases that are in operation by June 2022, further improving the project ROI.

What benefit does measurement and verification provide for these solar projects?

Measurement and verification ensures that the energy savings are verified against an internationally recognised standard, so businesses can be certain that the savings they paid for have actually been achieved.

When was this article published?

The article was published on September 23, 2021.

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