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New funding set to lower energy and equipment costs for SMEs

Small and medium businesses in sectors such as agriculture will be able to obtain cheaper finance for solar, batteries and more energy efficient vehicles and equipment, with a new $50 million Federal Government investment to support discounted loans.

Assistant minister for Climate Change and Energy, Jenny McAllister, said the loans will mean savings on energy bills and financing. ​

“We want to help small businesses across industries and across the country make every watt count. These lower cost energy performance upgrades mean more control over energy use and emissions, especially in hard to abate sectors,” said McAllister.

​“From farmers to local grocers, the Albanese Government is helping take pressure off small businesses bills. Lower cost financing for solar and electric machinery will save small businesses on energy bills and loan repayments.”

This investment through the Clean Energy Finance Corporation (CEFC) will go towards discounted finance worth $250 million by non-bank lender Metro for electric vehicles, rooftop solar and batteries.

Small businesses will also be able to access discounted finance for more energy efficient farm and building machinery such as tractors, harvesters, earthmovers and cranes.

Minister for Climate Change and Energy, Chris Bowen said the investment will help Australian businesses in reducing their operating costs.

“Clean technologies like EVs, solar, batteries and electric machinery are a great way for businesses to save on energy bills and decarbonise,” said Bowen.

Eligible customers financing a $60,000 electric vehicle, for example, could save about $1,700 in interest over 5 years.

​Metro is an independent Australian non-bank lender specialising in auto and equipment finance for businesses, car finance for consumers, and novated leasing.

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