Environmental Upgrade Finance promoted to boost uptake and save businesses thousands

May 30, 2017

The Victorian Government and Sustainable Melbourne Fund (SMF) are working together to drive awareness and uptake of Environmental Upgrade Agreements (EUA) offering businesses low cost finance for solar installations.

The agreement was launched on onsite at leading plastics manufacturer Class Plastics who signed one of Australia’s largest EUAs to finance a 365kW solar system installed by Beon Energy Solutions.

The EUA was facilitated by Wyndham Council in late 2016 with the system installed early this year and now saving the business up to $100,000 annually on electricity bills.

Beon Energy Solutions General Manager Glen Thomson said raising awareness about Environmental Upgrade Finance was a great outcome for Victorian businesses.

“We’ve found that this form of finance is simple and attractive for a range of our customers, enabling them to access capital to save their businesses money immediately.”

CEO of Sustainable Melbourne Fund, Scott Bocskay said Environmental Upgrade Finance will become available to businesses as a tool to help boost productivity.

“Currently, 14 Victorian councils offer Environmental Upgrade Finance, with a total of 20 projects expected by June. These projects are saving businesses close to $1 million each year, while reducing emissions by over 8,500 tonnes of CO2 each year.”

“Expansion of the market has the potential for 50,000 buildings to implement energy efficiency measures, generating over 835,000 kilowatt hours of renewable energy. This directly boosts business profits, reduces power bills and delivers capital growth. As a result, it increases businesses’ economic resilience and improves energy productivity across the state.”

Businesses can find more information on Environmental Upgrade Finance at www.betterbuildingfinance.com.au