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CEFC and Firstmac financing program to bring cleaner cars and energy efficiency for businesses and consumers

8 July 2015

A $50 million* asset finance agreement between the Clean Energy Finance Corporation (CEFC) and Firstmac, a leading Australian non-bank lender, will help accelerate business and personal adoption of low emissions and electric vehicles, as well as solar and energy efficient equipment. 

The new program targets finance for highly efficient cars and light vehicles, solar PV and energy efficient equipment in buildings.

CEFC CEO Oliver Yates said the asset finance partnership comes at an important time for Australian consumers and businesses.  "Australians want to get better control of their energy costs. With the right equipment, businesses and homes can benefit from cutting their energy bills while helping the Australian economy reduce emissions," Mr Yates said.

"This financing program is available for a wide range of commercial activities, including manufacturing, logistics, agribusiness, retail and all levels of government, as well as schools, hospitals and clubs.  The benefits of the CEFC financing will flow through to Firstmac's customers, supporting business and private investment in clean technology."

Mr Yates said the CEFC/Firstmac financing program would further boost Australia's switch to low emissions and electric vehicles.

"Private buyers are increasingly switching to cleaner cars, and under this program, we are looking to accelerate this trend as more new models come on line," Mr Yates said. "This program is also designed to stimulate interest from business and government fleet managers in purchasing low emissions and electric vehicles.  If every new car buyer chose the lowest emissions car available, our national average carbon emissions from vehicles would improve by 50 per cent."

Firstmac Managing Director Kim Cannon said: "This is great news for anyone who wants to drive a new-generation low emission vehicle, or save on energy costs by installing solar.

"Firstmac is very pleased to be working with CEFC to deliver this initiative which will save customers money and result in reduced carbon emissions."

The CEFC/Firstmac finance program will also help increase the commercial uptake and broaden the financing options for residential rooftop solar PV and inverters. Leasing for solar thermal, including for hot water, and for batteries that form part of a solar installation, is also eligible.

"Solar technologies make up just over 33% of the CEFC's committed and close to conclusion investments," Mr Yates said. "Australians are already backing solar in their homes and there are also significant opportunities for commercial solar, especially as businesses come to understand that their day time peak power demand profiles often match the generation profile of solar."

The CEFC/Firstmac finance program is also targeting increased commercial uptake of a broad range of energy efficient equipment, from heating, ventilation and air conditioning to refrigeration, LED and lighting.

"This is about helping businesses invest in their future, ensuring they have the latest available equipment and technology to help them proactively manage their power costs while reducing emissions. It is good business sense," Mr Yates said.

Firstmac is a 100 per cent Australian owned company, with 35 years of experience in home and investment loans. The CEFC financing will initially focus on Firstmac's existing 25,000 mortgage customers, particularly for vehicle and solar opportunities. Additional consumer interest is expected to be driven through Firstmac's online platform, Commercial interest will be driven through Firstmac's network of brokers and equipment manufacturers.

* The CEFC commitment to Firstmac for vehicle finance was increased to $80 million in April 2023.

About Firstmac

Firstmac Limited is an independently-owned, Australian financial services provider with more than 35 years' experience in home and investment loans. Firstmac has written in excess of 84,000 home loans since 2000, and manages approximately $6.5 billion in mortgages and $150 million in cash investments.

Media release, 2015

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