The Clean Energy Finance Corporation has teamed up with Westpac to offer low-cost finance to support local investment in solar, energy-efficient tech and low-emissions vehicles.
Using $200 million from the CEFC, the Westpac Energy Efficient Financing Program will provide the bank’s customers with a 0.7 per cent discount on finance leases, commercial loans and commercial hire purchase finance for qualifying renewable energy projects.
“By working with finance partners such as Westpac, the CEFC is providing Australian businesses with clear and cost-effective opportunities to really take advantage of clean energy technologies,” said CEFC CEO Oliver Yates.
“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.”
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.
“Westpac is committed to helping make Australian businesses stronger and we recognise the opportunities that come with investment in energy efficiency, both in terms of lower costs for business and better environmental outcomes,” said Alastair Welsh, Westpac General Manager, Commercial.