An electric car being charged.
The federal government’s green bank is expanding its partnership with a big-four bank that has given businesses access to hundreds of millions of dollars in discounted finance to invest in solar, battery storage, electric vehicles and energy efficient equipment.
The Clean Energy Finance Corporation (CEFC) announced on Friday that it has invested an additional $150 million in funding to expand the ANZ Energy Efficient Asset Finance Program, with both parties contributing 0.4 per cent per annum towards a total finance discount of 0.8 per cent per annum.
The CEFC says the additional funding will help more businesses invest in assets including rooftop solar, EVs, and recycling technology, that will help them to reduce operating costs and boost productivity.
The partnership, which began in 2017, has so far given more than 1,600 businesses access to more than $444 million in discounted finance, and in the last financial year, alone, provided more than $90 million in finance to help businesses invest in energy bill-saving equipment.
Lago Smallgoods, a family-owned business in Victoria, used the scheme to invest in energy-efficient equipment – including a high-performance slicing machine, robotic picking technology and new packing machines.
“We’ve seen significant productivity gains, increased our production capacity by around 30 per cent and reduced costs by about 20 per cent,” said Lago Smallgoods general manager Rhett Davis.
“These improvements are enabling us to grow the business while being much more energy efficient, and in turn, much more competitive.”
Federal energy minister says the discounted finance is meeting demand from businesses keen to lower their energy costs using readily available technologies.
“The upfront cost can often be the biggest hurdle,” said Bowen in a statement on Friday.
“This partnership helps businesses overcome that barrier by making finance more affordable so they can invest sooner and start saving sooner.
“Government and the private sector working together can unlock investment that cuts energy costs, boosts productivity and supports Australian businesses to grow.”
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