Energy Efficiency Financing Help for Victoria's Businesses

IT’S now easier for businesses in Victoria state in Australia to upgrade their buildings to be more energy efficient and sustainable.

Under new Environmental Upgrade Agreements, which came into power this week, Victorian businesses can borrow money through an approved lender to pay for environmental upgrades to their building such as renewable energy and energy efficiency installations and upgrades. Their local council will then collect the repayments through the rates system and pass them on to the lender.

This allows building owners and tenants to pay back the loan at a low rate, while benefiting from the lower costs of a more energy efficient building.
Previously only the City of Melbourne offered the council-based financing mechanism but it is now available to all Victorian local councils under the Environmental Upgrade Agreements Bill 2015, which came into effect on 1 November.

The efforts are part of efforts to develop an Energy and Efficiency Productivity Strategy, which will establish a tangible work program aimed at improving energy affordability, create jobs, encourage investment in new energy technologies and build a sustainable economy.

The state government is also strengthening the Victorian Energy Efficiency Target scheme to reduce greenhouse gas emissions by 30 million tonnes over the next five years. The scheme supports more than 2,000 Victorian jobs and has helped thousands of households and businesses reduce their exposure to energy costs.

Picture of Melbourne by Donaldytong reproduced under CCL.

Friday 6th November 2015

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