· New scheme to help business be more energy efficient, reduce waste, cut water use
· Environmental Upgrade Agreements deliver longer term and lower interest loans
· Loans for upgrades boost bottom line and help build a cleaner Victoria
The Napthine Coalition Government has introduced legislation that will help Malvern businesses access funds to become more energy efficient, reduce waste and cut water use.
Member for Malvern, Michael O’Brien MP said the introduction of Environmental Upgrade Agreements (EUAs) would allow the Stonnington Council to offer a new financing mechanism to help businesses secure longer term and lower interest loans for environmental upgrades.
“This innovative scheme will encourage businesses to make significant environmental upgrades which will not only improve the efficiency of their buildings but will also boost their bottom line,” Mr O’Brien said.
Mr O’Brien said the extension of the scheme to all councils met a commitment in Plan Melbourne, Victoria’s metropolitan planning strategy.
Under the EUA scheme, lenders provide finance to a building owner for environmental upgrades and the local council then collects the repayments through its rates system and passes them on to the lender. Use of the council rates system means that loans are more secure, allowing lenders to offer long term low interest loans.
Minister for Energy and Resources, Russell Northe said the scheme has already been working well in the City of Melbourne and the Napthine Coalition Government is now passing legislation to give councils across the state the opportunity to take part.
“The Napthine Coalition Government is putting in place practical and effective programs to promote energy and water efficiency, deliver reductions in waste and build a cleaner Victoria,” Mr Northe said.
“I would encourage councils and businesses across Victoria to take advantage of this scheme in order to access funds to improve their energy and water efficiency and reduce waste.”
Participation in the scheme is voluntary for councils. The Napthine Coalition Government will consult with councils, business groups and financiers on the details of implementation.