Finance for energy innovation in Newcastle

29 September 2015

Hunter businesses have new opportunities to boost their performance and lower costs through innovative energy efficient upgrades and solar with finance through the Clean Energy Finance Corporation (CEFC).

The CEFC and Commonwealth Bank will be discussing energy efficiency options with local businesses and new finance offerings at a business event in Merewether today.

"We're very keen to work with Newcastle and Hunter organisations on projects that can increase productivity and cut energy bills," CEFC CEO Oliver Yates said.

"The potential of energy efficient technologies and the greater adoption of renewable energy solutions can deliver long term benefits for the region's economy."

Commonwealth Bank and the CEFC have already financed more than $20 million in energy efficient projects through the Energy Efficient Loans program, which provides businesses, not-for-profit organisations and local and state government with finance for energy efficiency projects up to $5 million in value.

"We have supported manufacturers to upgrade equipment and lower their energy costs by up to 30 per cent and building owners to retrofit offices and reduce energy costs by up to 45 per cent," Mr Yates said.

"We have also worked with schools and sporting clubs to more than halve their lighting costs through the installation of LED lighting.

"There are a very wide range of business activities that can benefit from increasing their energy efficiency, such as retail businesses, manufacturers of all kinds, food distributors and cold-stores, agricultural producers, metal fabricators, tourism operators and transport companies.

"Investments in energy efficient technologies and solar are investments in business longevity and positioning for future growth. The CEFC has finance available to help Newcastle businesses tap into these benefits."

Mr Yates is among presenters at the Commonwealth Bank and CEFC business seminar at Merewether Surfhouse, Newcastle, from noon on Tuesday 29 September, 2015. 

Other presenters include local energy services firms BCW Carbon and Energy Director Chris Warris and HCB Solar General Manager Maryanne Cantwell. Mr Warris and Ms Cantwell will discuss Hunter area case studies demonstrating where they've been able to deliver successful projects installing energy efficient pumps, heating ventilation and air conditioning (HVAC), solar PV and other new technologies to make significant inroads into business energy bills.

Mr Yates said the CEFC and Commonwealth Bank Energy Efficient Loan program was seeking eligible projects with Hunter businesses to help cut their energy costs through technology upgrades and innovation.

Projects funded already under this program include:

• Col Crawford Lifestyle Cars in Sydney is expecting to halve its electricity use through LED lighting and solar installations
• Bankstown Sports in Sydney made its chiller system 50 per cent more efficient and now generates about 10 per cent of the Baulkham Hills premises energy needs with solar
• Plastics manufacturer Global Roto-Moulding expects to almost halve the oven energy use at its Queensland and Victoria operations through upgrading its moulding ovens
• Goulburn Valley apple and pear supplier Radevski Coolstores has installed a fruit grader, upgraded its refrigeration and installed solar to cut its overall energy costs.
• Labelmakers in Victoria has installed energy efficient printing presses which have cut energy costs while allowing a broader range of higher-quality printed products to be manufactured.

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.

The program provides favourable fixed rate loans in comparison with standard equipment loans. The 3-7 year loans can be for up to 100 per cent of the purchase price, allowing businesses to preserve working capital. The equipment itself typically acts as security, leaving equity in the business free for other purposes.

More information about the Energy Efficient Loan program is available from local Commonwealth Bank representatives, or by phoning 1800 277 397.