CEFC provides $180m boost to NAB Energy Efficient Bonus Program to continue clean energy success

6 June 2017

The Clean Energy Finance Corporation is committing an additional $180 million in finance to the NAB Energy Efficient Bonus program, following its overwhelming success in helping Australian businesses transform their energy use.

The new finance means the CEFC has now committed $300 million to the NAB Energy Efficient Bonus program, which was launched in 2015 with an initial $120 million commitment from the CEFC.

The Energy Efficient Bonus program provides customers with a 0.7 per cent discount on NAB's standard equipment finance rate for loans for eligible clean energy investments, such as vehicles, energy efficient irrigation systems, solar PV, building upgrades, lighting upgrades, processing line improvements and refrigeration.

CEFC Head of Portfolio Management Paul Greenop said the Energy Efficient Bonus program had already provided finance for more than 1,000 clean energy assets across Australia.

"We are pleased to provide further finance for this highly successful program, which is making it easier for businesses to tap into the benefits of energy efficient, renewable energy and low emissions technologies," Mr Greenop said.

"Accelerating the uptake of these technologies helps businesses across the country reduce their grid energy costs as well as lower their carbon emissions. At the same time, investments in new clean energy technologies can boost productivity through more efficient operating practices."

The program has been particularly well received by NAB's agribusiness customers, who have used the finance for a range of equipment upgrades, including in the Great Barrier Reef Catchment Area, bringing the benefits of clean energy to support the long-term health of the Reef.

Khan Horne, General Manager NAB Agribusiness, welcomed the second round of CEFC financing for the Energy Efficient Bonus program.

"After surveying 5,000 of our farmers for two consecutive years, 85 per cent told us they saw energy costs as a significant business risk. So, we're helping our customers transition to more sustainable business models and, particularly for intensive agriculture, significantly reducing their energy and water bills," Mr Horne said.

Mr Greenop added: "Clean energy asset finance can make a big impact on the operations of businesses which have made the switch to more productive and energy efficient equipment and processes, typically reducing energy costs by 10 to 20 per cent.

"When organisations look at cutting energy costs, they tend to initially think about lighting upgrades, and upgrades to air conditioning, but the possibilities are far greater. We're also seeing major investment to upgrade energy intensive manufacturing and agricultural equipment, as well as solid investment in more efficient light vehicles and rooftop solar PV."

Through the NAB Energy Efficient Bonus program, customers looking to purchase and install new equipment can go to their regular relationship manager and discuss the potential to finance more energy efficient alternatives or renewable technologies. Discounted loans are available for up to 10 years for amounts between $10,000 and $5 million.

NAB ENERGY EFFICIENT BONUS PROGRAM IN ACTION 

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