Moreland’s first Environmental Upgrade Agreement (EUA) was signed on 29 August. This has enabled local family-run business Otto and Spike to install a 30kW solar system. The 111 panels spell out the business name on their Brunswick East roof.
How it works
Environmental Upgrade Financing enables local businesses to save money and improve their environmental performance. A finance lender provides a loan for measures to reduce the building’s environmental impact and the building owner pays it back through Council (via their Council rates). Council’s involvement in this process ensures that the loan is highly secure and the lender will provide better terms. The program is managed by Sustainable Melbourne Fund. Moreland Council is one of 14 councils across Victoria currently offering Environmental Upgrade Financing.
Otto and Spike’s solar energy system has an estimated payback time of 4.2 years and the loan is structured to ensure the business is cash flow positive throughout the repayment period. The solar is estimated to save the business well over $150,000 over 20 years.
More to come
Moreland City Council has been working with MEFL to promote this mechanism to local businesses. This is supported by MEFL’s new free Solar for Business service which is delivered as part of the Zero Carbon Evolution program.
If you’re a Moreland business interested in reducing your costs through an environmental upgrade contact firstname.lastname@example.org