Want to unlock over $40 billion of private investment into sustainability initiatives? Environmental Upgrade Finance is one way to do it.
“It’s exciting knowing the machines are running throughout the day with no power costs,” said Darren Williames, Managing Director of Plasgain, one of the first companies in Australia to recycle plastic packaging into residential development products.
“We have two lines running 24 hours, five days a week, making these products out of recycled milk bottles.”
The manufacturing process is energy intensive and was one of the biggest costs to the business.
Recently, Williames was able to install solar power and electric vehicle charging stations at the factory in Drouin with no up-front costs to the business. They now save over $33,900 per year.
Plasgain accessed Environmental Upgrade Finance (EUF), sometimes known as Building Upgrade Finance, to pay for the building upgrades. EUF is a type of loan designed to fund sustainability upgrades for existing buildings, enabled by local government and repaid alongside council rates.
This form of finance isn’t only great for local businesses. Local councils can use EUF to deliver environmental, social and economic outcomes for their local communities without having to make a massive investment or take on any of the financial costs, risks or liabilities themselves.
Over 50 councils across New South Wales, South Australia and Victoria have passed a resolution to enable the finance to be offered to their local businesses and building owners. This has already resulted in the reduction of over 500,000 tonnes of carbon emissions, and cost savings for local businesses of over $100 million.
Better Building Finance is offering councils in New South Wales, South Australia and Victoria the opportunity to run an Environmental Upgrade Finance pilot project to find out how easy it is to set up and run.
Contact the BBF team to discuss how this form of finance can help your council support local business. Phone 1300 101 223 or email info@betterbuildingfinance.com.au or visit betterbuildingfinance.com.au
*Copy supplied by Sustainable Australia Fund
