Environmental Upgrade Finance

Businesses in Glen Eira have access to affordable capital for environmental upgrade projects, such as solar, energy efficiency, improve building insulation, water treatment, waste and more. It’s called Environmental Upgrade Finance.

This program is designed to help you make building upgrades without any out-of-pocket costs. It’s a unique type of loan that is enabled by Council and repaid quarterly through your Council rates.

How it works

  1. Your business scopes out an upgrade project for an existing building, which benefits the environment and saves you money.
  2. An Environmental Upgrade Agreement provides up to 100 per cent of the project cost.
  3. You (or your tenant) make quarterly repayments over periods of up to 20 years to Council aligned to your usual rates notices.
  4. Your business benefits from lower operating costs, and lower emissions!

How it benefits your business

This program will help businesses unlock savings and become more sustainable. By using this finance to fund building upgrades, businesses can benefit from:

  • Reduced business operating costs
  • Positive cashflow outcome from 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, such as solar, waste, and water projects. It just needs to improve the energy, water, environmental efficiency, or overall sustainability of an existing building. Popular projects include:

  • Solar systems, solar PV (photovoltaic) panels and battery solutions.
  • Energy efficiency upgrades — such as lighting and control.
  • Heating, ventilation, and air conditioning (HVAC) systems.
  • Green and cool roof installations.
  • Water efficiency and treatment systems.
  • Waste management.
  • Electric vehicle charging stations.

While these are just some of the upgrades you can make using Environmental Upgrade Finance, it can be used for any project that has a positive environmental benefit. Get in contact with a participating lender if you have a project that’s not on the list to find out if it qualifies.

Who is eligible

To qualify, applicants need to meet the eligibility criteria listed below as well as any credit criteria set by the lender:

  • The upgrade is to existing buildings, located on rateable land within the council boundaries.
  • The upgrade project has a measurable environmental benefit, such as energy, water or waste, or addresses other sustainability or climate change issues.
  • The property must be predominantly non-residential (such as commercial or industrial) and not be owned by a self-managed superannuation fund.
  • The property and/or property owner is not in the business of fossil fuels, live animal export, intensive farming, gambling, tobacco, or the arms industry.
  • The business and property must be up to date on all rates and charges due to Council.

How to apply

As part of the application process the applicant will need to:

  1. Provide details about the upgrade project and the business that is pursuing the project.
  2. Provide property ownership information, ABN/ACN if applicable, and authorised signatories.
  3. Provide information about mortgages, loans or leases that are secured against the property.
  4. Finally upload the following documents:
    • Project proposal (from the contractor or installer).
    • Council rates notice.
    • Copy of property owner’s ID.

If you have any questions about Environmental Upgrade Finance or the application process, get in contact with a Better Building Finance via:

Case studies

To find out how Environmental Upgrade Finance can help your business download the Sustainable Australia Fund case studies:

Glenfern Dental | Eco Laundry | Ritchies Super IGA
Glenfern Dental | Eco Laundry | Ritchies Super IGA

If you have any enquiries about how to make your business more sustainable email us at Sustainablebusiness@gleneira.vic.gov.au