CEFC, CommBank help businesses transform with energy savings

21 July 2015

The Clean Energy Finance Corporation (CEFC) and the Commonwealth Bank are helping businesses finance transformational changes that reduce their energy costs and improve productivity, while reducing carbon emissions.

CEFC CEO Oliver Yates said there was opportunity for most businesses to make significant energy savings by investing in a wide range of energy savings technologies, such as lighting and refrigeration, energy efficient motors and pumps, and solar systems and battery storage.

“The CEFC/CBA Energy Efficient Loans provide asset finance for these energy efficient technologies, supporting projects which result in significant energy or carbon savings,” Mr Yates said.

Some 200 business people are attending a seminar at Bankstown District Sports Club in Sydney today to hear how the CEFC and Commonwealth Bank are supporting businesses across Australia with Energy Efficient Loans. Guest speakers include CommSec Chief Economist Craig James and energy specialists from Energetics, Autonomous Energy and MINUS40.

Mr Yates said: “In an environment of rising energy prices, an Energy Efficient Loan can help businesses improve their energy productivity, transform energy use and reduce costs, so they can better position themselves in a low carbon economy.

“This clean energy finance for manufacturers and other sectors is at a scale that simply hasn’t existed before. In many cases, upgrades do more than reduce energy bills. Businesses are also benefitting from reduced maintenance costs and seeing some significant productivity gains.”

Mr Yates said Bankstown Sports Club is a shining example of how businesses can make significant improvements through Energy Efficient Loans.

“Bankstown Sports Club’s chiller system was upgraded to make it 50 per cent more efficient, delivering substantial energy savings which will benefit the club’s members,” Mr Yates said. “Similarly, at the Baulkham Hills Sports Club, new solar is expected to generate about 10 per cent of the club’s energy needs.

“Typically, CEFC financed projects have resulted in equipment upgrades for manufacturers that have lowered energy costs by up to 30 per cent, onsite generation projects for agribusinesses that have halved on-grid energy consumption, and building retrofits that have substantially reduced base building energy use.

“We’d really encourage businesses, councils and not-for-profit organisations to consider whether an investment in energy efficiency can have long term benefits for their energy use and operating costs.”

About the Energy Efficient Loan

The Clean Energy Finance Corporation (CEFC) and Commonwealth Bank are financing loans to help businesses better manage their energy costs. Energy Efficient Loans support projects which result in significant energy or carbon savings.

The Energy Efficient Loan program provides financing for projects valued at up to $5 million. The finance program includes $100 million for business loans, which can be used for a range of projects covering energy efficiency, low emissions technology and small-scale renewable projects.

More information about the Energy Efficient Loan program is available from local Commonwealth Bank representatives, or by phoning 1800 277 387.