CEFC and Westpac launch $200 million financing program

Westpac and the Clean Energy Finance Corporation (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 energy efficiency projects. The program draws on a $200 million commitment from the CEFC to provide Westpac customers with long-term discounted finance.

Westpac will use the CEFC commitment to provide its customers with a 0.7% discount on finance for qualifying projects. Through the Westpac Energy Efficient Financing Program, the company will offer 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% 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.

“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,” said CEFC CEO Oliver Yates.

“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.”

The program is expected to benefit a range of Westpac customers from industries including education, health, aged care, agribusiness, and state and local government.