Businesses in Bayside can now fund projects that help them save money and improve their economic and environmental performance through the Environmental Upgrade Finance program. Environmental Upgrade Finance is a long-term, low-interest loan that businesses can access to fund sustainable building upgrade works.
How does it work?
Environmental Upgrade Finance involves a three-way agreement between the business owner, council, and lender, called an Environmental Upgrade Agreement (EUA). The loan is provided by a lender which is then repaid by the business via our council rates system. The loans support businesses, building owners and tenants to save money, upgrade their infrastructure and improve the buildings’ environmental performance.
The Sustainable Australia Fund is working in partnership with Council as a lender to support the Environmental Upgrade Finance program.
Key features of Environmental Upgrade Finance loans:
- Low interest
- Up to 100% project finance
- Loan terms up to 20 years
- Loans tied to the property rather than the business owner
Benefits to businesses
By using this finance to fund building upgrades, businesses can benefit from:
- Reduced business operating costs
- Positive cashflow outcomes from the project – often from year one
- Security from volatile energy markets
- Media and promotional opportunities
- A better working environment
- Environmental leadership in the community
What can be funded?
Finance can be used to fund a broad range of upgrade works that improve the energy, water, environmental efficiency, or overall sustainability of an existing building.
Some possible projects include:
- Solar systems, solar PV (photovoltaic) panels and battery solutions
- Energy efficiency upgrades – such as lighting and controls
- Heating, ventilation, and air conditioning (HVAC) systems
- Green and cool roof installations
- Water efficiency and treatment systems
- Waste management
- Electric vehicle charging stations
Finance is available for up to five times the rates applicable to the property or $50,000, whichever is the lesser.
Who is eligible?
To qualify, applicants need to meet the following eligibility criteria:
- Building is located on land subject to Bayside City Council rates
- Project has a measurable environmental benefit
- Property is predominantly non-residential
- The business and property is up-to-date on all rates and charges due to Council
To apply for an Environmental Upgrade Finance loan you will need to provide:
- Project details and proposal
- Property ownership information
- Council rates notice