Environmental Upgrade Finance Program

20 February 2019 - Media release

Campaspe businesses will be able to access funds through the Environmental Upgrade Finance Program, offered by the Sustainable Melbourne Fund, following council’s decision last night.

Campaspe Shire Council Mayor, Cr Adrian Weston said by signing up to an Environmental Upgrade Agreement (EUA) businesses will be able to benefit from cost effective lending to improve the environmental sustainability of their business, reducing operating costs.

“The EUA is an innovative approach to improving sustainability, offering accessible and affordable finance for environmental upgrades to the business community,” Cr Weston said.

The program allows owners of commercial and industrial buildings and properties to access finance for energy, water and waste efficiency projects that reduce the environmental impact.

An EUA is established between a property owner, bank and local government to finance building upgrades to improve energy efficiency. It offers 100 per cent project finance with competitive interest rates and long-term finance options.

An Environmental Upgrade Agreement:

Creates opportunity for businesses to address rising energy costs by lowering electricity consumption May attract government money into local communities by working in conjunction with grants/subsidies available for projects through local, state and federal departments Offers 100% finance Creates capital growth Contributes to emission and energy reduction

“Providing opportunities for businesses to benefit from these upgrades will generate a valuable flow on effect within our community. Operational costs will be reduced due to energy savings, jobs will be created, investment opportunities and building values will increase, and above all, the carbon footprint will be significantly reduced,” Cr Weston said.

Five businesses in Campaspe Shire have already expressed interest in participating in the program with projects totalling an estimated $2 million.

Council will initiate a two year trial and will now take the necessary steps to launch the program, assisting businesses to secure attractive financing that will create environmentally friendly, resource efficient work areas.