Australia’s Clean Energy Finance Corporation (CEFC) and renewable energy financier Westpac are to provide low cost finance for Australian businesses to invest in solar and other low emission technologies.
The AU$200 million (US$146 million) 'Westpac Energy Efficient Financing Program' will be used to give customers a 0.7% discount on finance for qualifying projects, such as solar PV or low emissions vehicles. Westpac will also offer finance leases, commercial loans and commercial hire purchase finance.
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The finance, for up to 100% of the project cost, is available for terms of up to 10 years, for individual projects starting at AU$15,000.
Eligible projects include:
- rooftop and off-grid solar PV
- battery storage and solar thermal
- energy efficiency equipment
- low emissions vehicles
- projects that upgrade the energy efficiency of buildings
- energy-from-waste projects
- projects registered for Australian Carbon Credit Units (ACCUs) under the Emissions Reduction Fund
CEFC chief executive Oliver Yates said: “There are enormous opportunities for businesses to lower their energy costs and improve their competitiveness using clean energy. Using solar and the right energy efficient equipment can have a substantial benefit on business costs, in addition to the obvious environmental gains.
“Access to the discounted CEFC finance being offered through Westpac is a compelling reason to act now to lock in business and environmental benefits.”
Since 2011, Westpac Group has increased the proportion of renewable energy financing from 45% to 61% of its total electricity generation portfolio.
