Westpac and the Clean Energy Finance Corporation (CEFC) are working together to provide Australian businesses with an easier way to take control of their energy costs, using low cost finance to support investment in solar, energy efficient technologies and low emissions vehicles.
The $200 million Westpac Energy Efficient Financing Program will benefit a range of Westpac customers – from education and health and aged care, to agribusiness, state and local government. Westpac will use the $200 million CEFC commitment to provide its customers with a 0.7 per cent discount on finance for qualifying projects.
CEFC CEO Oliver Yates said providing clear and cost effective opportunities makes businesses more likely to take advantage of clean energy technologies.
“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.
“We are also encouraging businesses to look carefully at their vehicles and to switch to lower emissions options for their fleets in particular. Access to the discounted CEFC finance being offered through Westpac is a compelling reason to act now to lock in business and environmental benefits,” he said.
The Westpac Energy Efficient Financing Program offers finance leases, commercial loans and commercial hire purchase finance for qualifying renewable energy and energy efficient technologies, as well as low emissions vehicles.
The finance, for up to 100 per cent of the project cost, is available for terms of up to 10 years, for individual projects starting at $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.