The City of Greater Bendigo will establish an Environmental Upgrade Agreement (EUA) program to enable local businesses to access low-interest, long-term loans to install solar panels and implement environmental and energy efficiency works.
Greater Bendigo will now join 48 other Victorian Councils who already offer EUAs to their local business community.
City of Greater Bendigo Mayor Cr Andrea Metcalf said an EUA is a financing mechanism that enables lenders, to partner with the City to provide secured lending to local businesses for environmental works.
“Through an EUA, lenders provide finance to a building owner for environmental upgrades such as renewable energy, battery storage, water efficiency, energy efficiency upgrades, electric vehicle charging and waste reduction,” Cr Metcalf said.
“Each property’s outstanding debt, through the program is then recorded against the property in the City’s rates system. The use of the City’s rates system means that loans are a charge secured by the property, thereby allowing lenders to offer more competitive loan terms.
“The repayments are made via a third-party administrator, in this case Building Better Finance, to the lender, the Sustainable Australia Fund.
“Council is committed to responding to the climate emergency and supporting local businesses to reduce emissions is critical to reach the community target of zero
emissions by 2030.
“The EUA program strongly supports the goals of the City’s Climate Change and Environment Strategy 2021-2026 and the Greater Bendigo Zero emissions Roadmap.
“In addition, the EUA program will complement the Beat the Power Bills Program offered to business by the City in collaboration with the Bendigo Sustainability Group. This program involves working with businesses to help them identify ways to reduce their emissions and energy bills and an EUA can be used to fund any of the building upgrades identified.
“Emissions from commercial and industrial energy use account for 571,000 tonnes Co2-e. This is equivalent to 40% of Greater Bendigo’s total municipal emissions. By comparison, residential energy use accounts for 35% of the City’s emissions.
“Five local businesses have already expressed interest in accessing finance through an EUA which is great news.”
Businesses wanting more information should contact Ian McBurney, Coordinator Greater Bendigo Climate Collaboration via email to [email protected]