As part of our work to help Moreland get on track for zero carbon emissions by 2025 MEFL’s Zero Carbon Evolution team have been working with Moreland City Council to make it possible for businesses (both building owners and tenants) to install solar at no upfront cost.
In September Moreland City Council approved a key tool – Environmental Upgrade Agreements (EUAs). These are a council-based funding mechanism that has been developed to enable businesses to borrow money at lower interest rates for upgrades that improve the environmental performance of the building.
MEFL is proud to be a key driver of this new initiative designed to boost the uptake by Moreland’s business community of solar and energy efficiency upgrades, such as LED lights, boiler/chiller upgrades or double glazing. We are already in discussion with several businesses and expect to see Moreland’s first EUAs signed in the next few weeks.
How does it work?
An EUA is an agreement between a property owner, a financial institution and Council to facilitate a building upgrade to improve environmental performance.
Once a business agrees to take part in the initiative, a loan is arranged by a financier and Moreland City Council to pay for the building upgrade. Moreland City Council would then levy an Environmental Upgrade Charge on the building, with repayments collected through the rates system. Moreland City Council would then use these funds to repay the finance lender.
EUAs are an innovative way to help businesses obtain longer term and lower interest loans for environmental upgrades than are available under non-EUA finance, and carry a range of additional financial and social benefits for the business, and broader community.
For more information on EUAs see the Sustainable Melbourne Fund website.