The Australian Government has announced a $50 million investment in clean energy loans to support small and medium businesses in adopting renewable technologies.
The funding, provided through the Clean Energy Finance Corporation (CEFC), will facilitate discounted loans for electric vehicles, solar panels, batteries, and energy-efficient equipment.
Non-bank lender Metro will use this investment to offer $250 million worth of discounted finance to eligible businesses.
The initiative aims to benefit a wide range of sectors, including agriculture, freight, and other small to medium enterprises.
Under this program, businesses can access cheaper financing for various clean energy solutions. These include electric vehicles, rooftop solar installations, battery storage systems, and energy-efficient machinery such as tractors, harvesters, earthmovers, and cranes.
The government estimates that eligible customers financing a $60,000 electric vehicle could save approximately $1700 in interest over a five-year period.
Minister for Climate Change and Energy Chris Bowen said this CEFC investment will help Australian businesses bring down their operating costs.
“The Albanese Government is putting the power back in the hands of small business, to give Australians more opportunities to benefit from the energy transition and ease cost-of-living pressures,” Bowen said.
“Clean technologies like EVs, solar, batteries and electric machinery are a great way for businesses to save on energy bills and decarbonise.”
Minister for Small Business Julie Collins said this new investment is another example of the Government helping ease pressure on energy bills.
“We know energy costs are having an impact on small businesses’ budgets, so this new investment will be welcomed,” she said.
“It’s just one way our Government is helping small businesses, which also includes energy bill relief of $325 to around 1 million small businesses across the country.”
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