Environmental Upgrade Finance (EUF) program
About the program
- The Environmental Upgrade Finance (EUF) program offers long term, low interest loans via an agreement to owners of commercial and non-residential buildings, so they can upgrade the building to improve energy efficiency.
- Finances can be used for energy, water and waste efficiency projects that will reduce operating costs and environmental impacts.
- The agreement is between the building owner, a financial institution and Council.
- Repayments are made via the property owner’s rates payments.
- The EUF program is a Sustainable Melbourne Fund project.
Loan amount and repayments
Minimum loan amount: $15,000.
The financial institution advances funds to the property owner to do the upgrade works. The property owner then makes repayments through their Council rates.
Eligible property owners can apply for finance of up to 100 percent of project costs, paid via quarterly rates instalments.
Because the loan is attached to Council rates for the commercial or farming property, it is considered secure. This security allows the financial institution to offer very competitive interest rates and attractive loan terms.
Unlike other finance options, the program allows tenants to contribute to the costs of the upgrade and share in the benefits with the property owner.
- Installation of an approved solar photovoltaic (PV) system to any eligible premises.
- Installation of an approved solar hot water (HW) system to any eligible premises.
- Measures that reduce greenhouse gas emissions, save or generate energy.
- Lighting upgrades to more efficient lighting e.g. LED, lighting controls and daylight sensors.
- Heating, cooling and ventilation improvements.
- Efficient unit replacement e.g. pumps and variable speed control equipment.
- Electronic control equipment e.g. power control of motors, pumps, boilers and air heating/cooling systems.
- Rainwater harvesting and filtration systems.
- Waste water, grey/black water recycling/treatment for re-use of water.
- Toilet/urinal replacements for accredited and compliant efficient systems.
To be eligible, your building:
- must have been a rateable premises for the past 2 years
- must be a commercial or farming premises with a minimum of 50% of the building operating for commercial or farming purposes
- must not have been in arrears with rate payments for the past 3 years
- must not be owned through a superannuation trust.
Tenanted commercial or farm buildings are eligible.
Benefits for businesses and property owners
- Protect your business from rising energy prices
- Replace old and inefficient equipment with newer more efficient technologies.
- Free up cash flow by locking in competitive long-term rates.
- Reduce your company’s greenhouse gas emissions.
To enquire about applying contact Sustainable Melbourne Fund.
They will check your eligibility and help you with the application process.