The Australian Government announced a $50 million investment to provide cheaper finance for solar panels, batteries, and energy-efficient vehicles and equipment.
This funding, channelled through the Clean Energy Finance Corporation (CEFC), aims to deliver discounted finance worth $250 million via the non-bank lender Metro, as revealed in a media release.
Farmers, freight companies, and other small businesses will benefit from this initiative, which covers a range of energy-efficient farm and building machinery, including tractors, harvesters, earthmovers, and cranes.
For instance, the government said financing a $60,000 electric vehicle could save eligible customers approximately $1,700 in interest over five years.
Minister for Climate Change and Energy Chris Bowen highlighted the benefits, stating, “This CEFC investment will help Australian businesses bring down their operating costs.”
He added, “The Albanese Government is putting the power back in the hands of small businesses, to give Australians more opportunities to benefit from the energy transition and ease cost-of-living pressures. Clean technologies like EVs, solar, batteries, and electric machinery are a great way for businesses to save on energy bills and decarbonize.”
Minister for Small Business Julie Collins emphasised the relief this investment would provide, noting, “This new investment is another example of the Albanese Labor Government helping ease pressure on energy bills.”
“We know energy costs are having an impact on small businesses’ budgets, so this new investment will be welcomed. It’s just one way our Government is helping small businesses, which also includes energy bill relief of $325 to around 1 million small businesses across the country,” Collins remarked.
Assistant Minister for Climate Change and Energy Jenny McAllister underscored the financial benefits of the discounted loans.
She stated, “The discounted loans would mean savings on energy bills and the cost of financing. 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.”
McAllister continued, “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.”
Metro, an independent Australian non-bank lender, specialises in auto and equipment finance for businesses, car finance for consumers, and novated leasing.
For more information on this initiative, visit Metro Eco Hub.
