First local Environmental Upgrade Finance Agreement signed

Published: 15 February 2019

Cardinia Shire Council and Pakenham-based business Phus Pty Ltd have signed the first local Environmental Upgrade Agreement through Sustainable Melbourne Fund’s Environmental Upgrade Finance Program.

A producer of plastic moulds used in the manufacturing process, Phus Pty Ltd  is the first local business to sign an Environmental Upgrade Agreement to install a 99kW solar electricity system to reduce the business’ energy-related operating costs and its carbon footprint.

The $88,000 investment in the solar system will generate 20 per cent of power consumption needed on site and reduce annual energy bills by 19 per cent. Once completed the installation is projected to save 152 tonnes of CO2 emission annually.

The Sustainable Melbourne Fund's Environmental Upgrade Financing (EUF) program offers accessible and affordable financing on environmental upgrades for the business community.

The EUF program allows owners of commercial and industrial buildings and properties to access finance for energy, water and waste efficiency projects that will reduce operating costs and environmental impacts.

An Environmental Upgrade Agreement (EUA) between a property owner, a bank and local government is established to finance building upgrades that support direct environmental outcomes. It offers 100 per cent project finance, very competitive interest rates and long-term financing schemes to businesses.

Cardinia Shire Mayor Councillor Graeme Moore said Sustainable Melbourne Fund’s Environmental Upgrade Finance is an innovative way for building owners to fund building upgrades.

“By supporting the implementation of EUFs, Council is taking steps towards assisting businesses in the Shire to access attractive financing towards improving their buildings.

“When businesses do these kinds of upgrades it creates jobs for installers; protects businesses from rising electricity prices; frees up cash flow for operators; improves conditions for building occupants and helps reduce our carbon footprint.

“The program is an excellent opportunity for Council to collaborate with businesses to reduce their operating costs, improve the value of commercial building stock, and create more resource-efficient and environmentally-friendly enterprises across our shire.

“We congratulate Phus Pty Ltd for taking the initiative and signing up, and encourage other local businesses to investigate if this program could also help them become more environmentally-friendly,” Cr Moore said.

An information session to help local businesses better understand the program and how it might assist them in financing upgrade works will be held next month.

“Come along to our information session to find out how the program could benefit your business and our environment,” said Cr Moore.

Environmental Upgrade Finance - Information Session

For businesses and commercial property owners

6–7pm, Monday 4 March 2019

Emerald Library, 400A Belgrave-Gembrook Rd, Emerald VIC 3782

If you are interested in attending this FREE information session, please book your place online, for catering purposes: https://www.eventbrite.com/e/information-on-the-eua-program-environmental-upgrade-agreements-tickets-56295011896

For more information about the Environmental Upgrade Finance program visit www.cardinia.vic.gov.au/EUF