04/06/2016 10:13 AM AEST | Updated 15/07/2016 12:53 PM AEST

Greens Pledge $265 Million to Help Communities Set Up Clean Energy Projects

The new policy will allow tax-free profits for investors.

Fairfax: Alex Ellinghausen
Deputy Greens Leader Adam Bandt is set to announce the new policy in Melbourne.

The Greens will today launch a new community-owned renewable energy policy, pledging more than $265 million to help make renewable energy affordable -- and in some cases profitable -- for Australians.

Greens Energy spokesperson Adam Bandt will announce the new policy in Melbourne's North Fitzroy, at a block of 92 apartments where a community-owned renewable energy project is hoped to be established.

The Community Owned Renewable Energy policy will allow individuals and businesses involved in the clean energy projects to receive capped tax-free profits as an added incentive.

More than $100 million has been pledged to assist businesses, schools and communities invest in solar while $150 million will fund 50 community energy powerhouses for up to two years.

Communities across Australia are already stepping up to establish local, community owned projects and we want to support them.

Bandt said not everyone is able to invest in solar, but they can make a small change. With power in numbers their community can create renewable energy, with many around the country already doing this.

"Communities across Australia are already stepping up to establish local, community owned projects and we want to support them," Bandt said on Saturday.

"The Greens will help people participate in community-owned renewable energy by providing tax incentives to invest, start-up funding for up to 50 community-owned powerhouses and support for community organisations like schools and churches to go solar."

On Wednesday, Bill Shorten announced Labor's renewable energy policy, reinstating a commitment to build community power hubs around the nation.

Labor's Environment spokesperson Mark Butler said the $98.7 million commitment to community clean energy projects will work with social housing and aged care providers, among others, to build 10 community powerhouses around the nation.

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