CEFC and Westpac $200 million program makes energy saving solutions easier
17 May 2016
Westpac and the CEFC are working together to provide Australian businesses with an easier way to take control of their energy costs, using low cost finance to support investment in solar, energy efficient technologies and low emissions vehicles.
The $200 million Westpac Energy Efficient Financing Program will benefit a range of Westpac customers - from education and health and aged care, to agribusiness, state and local government. Westpac will use the $200 million CEFC commitment to provide its customers with a 0.7 per cent discount on finance for qualifying projects.
CEFC CEO Oliver Yates said: "By working with finance partners such as Westpac, the CEFC is providing Australian businesses with clear and cost effective opportunities to really take advantage of clean energy technologies.
"There are enormous opportunities for businesses to lower their energy costs and improve their competitiveness using clean energy. Using solar and the right energy efficient equipment can have a substantial benefit on business costs, in addition to the obvious environmental gains.
"We are also encouraging businesses to look carefully at their vehicles and to switch to lower emissions options for their fleets in particular. Access to the discounted CEFC finance being offered through Westpac is a compelling reason to act now to lock in business and environmental benefits."
Westpac General Manager, Commercial, Alastair Welsh said: "Westpac is committed to helping make Australian businesses stronger and we recognise the opportunities that come with investment in energy efficiency, both in terms of lower costs for business and better environmental outcomes. This is an opportunity for our customers to improve their use of energy and also help lower energy costs, as well as access discounted lending rates supported by the CEFC's financing commitment."
The Westpac Energy Efficient Financing Program offers finance leases, commercial loans and commercial hire purchase finance for qualifying renewable energy and energy efficient technologies, as well as low emissions vehicles.
The finance, for up to 100 per cent of the project cost, is available for terms of up to 10 years, for individual projects starting at $15,000. Eligible projects include:
- rooftop and off-grid solar PV
- battery storage and solar thermal
- energy efficiency equipment
- low emissions vehicles
- projects that upgrade the energy efficiency of buildings
- energy-from-waste projects
- projects registered for Australian Carbon Credit Units (ACCUs) under the Emissions Reduction Fund.
Westpac provides a wide range of banking and financial services to over 13 million consumers, businesses and institutions across core markets of Australia and New Zealand while maintaining a presence in key markets in Asia and the Pacific. Westpac operates through a number of brands including Westpac, St. George, Bank of Melbourne, BankSA and RAMS. Since 2011, Westpac Group has increased the proportion of renewable energy financing from 45% to 61% of its total electricity generation portfolio. Westpac has been independently ranked as one of the world's most sustainable companies, with the 2015 Dow Jones Sustainability Index naming Westpac the world's most sustainable bank, for the second year in a row.
Media release, 2016