6 September 2017
Macquarie Leasing and the Clean Energy Finance Corporation (CEFC) are behind a push to accelerate the use of electric vehicles in Australia through a new $100 million asset finance program.
The program offers a 0.7 per cent discount on finance for electric vehicles, as well as plug-in hybrid electric vehicles, and a range of eligible energy efficient and renewable energy equipment. Customers who choose eligible lower emissions passenger vehicles can also benefit from the program, with a 0.5 per cent finance discount.
CEFC CEO Ian Learmonth said the Macquarie Leasing program was an important extension of the CEFC's ongoing efforts to embed clean energy solutions across the economy.
"Through similar programs with other financiers, we have already helped businesses, consumers and farmers invest in more than 2,000 energy efficient, low emissions and renewable energy projects, valued at more than $250 million," Mr Learmonth said.
"By making this discounted CEFC finance available through major financiers such as Macquarie Leasing, we are making it easier for Australians to prioritise clean energy options when they make major investment decisions.
"Clean energy technologies are developing quickly, and become more cost effective as they reach scale. By supporting the more widespread adoption of exciting clean energy solutions, such as electric vehicles, we can accelerate the decarbonisation of our economy."
Vehicles represent one of Australia's fastest growing sources of emissions. However the increased use of electric vehicles, especially when linked with renewable electricity sources, can make a significant contribution to emissions reduction.
ClimateWorks estimates Australia can reduce carbon emissions by around 9 million tonnes by 2030 through the increased use of electric vehicles, coupled with the ongoing decarbonisation of the electricity grid. The potential emissions savings swell to 27 million tonnes by 2050.
The Macquarie Leasing program extends to new energy efficient vehicles and equipment, as well as rooftop solar and battery storage. Investment in equipment to upgrade the energy efficiency of buildings, such as energy efficient lighting, building management systems and better air conditioning, will also benefit from the discounted finance.
CEFC modelling is targeting carbon savings of more than 200,000 tonnes of carbon emissions over the life of the program.
Jon Moodie, Head of Macquarie Leasing, said: "We are delighted to be working with the CEFC on this program and to be providing an extra level of support to individuals and businesses seeking to make their own contribution to reducing carbon emissions through their choice of vehicle and other equipment."
Macquarie Leasing will initially make the discounted finance available to customers through its existing relationships with car manufacturers. Customers will receive a discount to Macquarie Leasing's standard interest rate when they enter into arrangements to hire or lease or finance the purchase of vehicles that satisfy the criteria for qualifying contracts.
CEFC transaction lead Bobby Vidakovic said: "By working with financiers like Macquarie Leasing, which has a well-established market presence, we are able to offer Australians further opportunities to take advantage of proven clean energy technologies to reduce their energy consumption and, for businesses, to improve their competitiveness through energy efficient practices.
"We are also encouraging the increased use of electric vehicles, and providing finance to support the accelerated rollout of the necessary charging infrastructure. By switching to more energy efficient vehicles, businesses and individuals are contributing to better environmental outcomes through reduced carbon emissions.
"Property owners are finding that, depending on the age and inefficiency of equipment being replaced, they can make substantial cuts to their energy consumption by replacing lighting, air-conditioning and installing rooftop solar and building management systems."
The CEFC finance for the Macquarie Leasing program is another example of its focus on reducing transport-related emissions through its Sustainable Cities Investment Program, which supports projects and programs that contribute to the energy productivity of Australia's cities and regions.
Since 1998, Macquarie Leasing has provided the Australian market with innovative motor vehicle, plant and equipment finance solutions. Macquarie Leasing finances a wide range of motor vehicles and equipment originating through brokers, dealers, salary packagers and direct to customers. Macquarie Leasing is a subsidiary of Macquarie Bank Limited. www.macquarie.com