Media Release: Sustainable Australia Fund launch special terms to support the industry

14 April 2020

Sustainable Australia Fund (SAF) works in collaboration with local councils, installers and businesses, and has seen the immediate impact the COVID-19 has had on the solar industry over the past month.

SAF CEO Scott Bocskay wants the solar industry to know that SAF are here to support them through this by helping to unlock immediate cash savings:

“I want to send the message to all installers out there – we can help you close more deals and keep business rolling during this time”

SAF’s unique and innovative form of finance, known as environmental upgrade finance or building upgrade finance, can help business start saving today, when they need it most.

Businesses can access up to 100% funding for works that improve the energy, water, environmental efficiency or sustainability of existing buildings. Fixed interest, quarterly repayments are then made to local councils over periods of up to 20 years, meaning most projects can be cashflow positive from day one.

In light of the challenges facing the industry, SAF have launched special terms for businesses settling environmental upgrade agreements before the end of June 2020:

  • $0 application fees
  • GST can be financed and claimed back on BAS statement
  • Up to 6 months repayment holiday (subject to approval)

Additionally, a recent legislation change in Victoria has removed the previous 28 day waiting period on new finance applications, which means projects can get off the ground even quicker. 

Bocskay said:

“While we understand that environmental upgrade projects may not be front of mind right now, when financed with SAF they can help businesses significantly reduce their operating costs and put more money in their pocket today when it’s needed most”

“We’ve launched these special terms to put immediate savings into the pockets of businesses”

For example, a 10 year term for a typical $165k commercial solar system can put $10k more cash in the hands of the business in year one. A 20 year term could mean $20k of immediate cash savings, giving businesses more cashflow when they need it most.

Additionally, applicants can claim 100% tax write off on the asset and the finance can include GST. Businesses should consult the ATO for more information.

Environmental upgrade finance is available in 36 Victorian councils, 7 in New South Wales and 5 in South Australia. The complete list can be viewed on the SAF website: https://sustainableaustraliafund.com.au/where-its-available/

SAF already work with almost 400 installers and are running weekly webinars for installers to learn more about their finance, get access to the online quote tool, and begin offering it to their customers. Email info@saf.finance to register

About Sustainable Australia Fund (http://sustainableaustraliafund.com.au/)

Sustainable Australia Fund is Australia’s leading provider of Environmental Upgrade Finance. Originally established by the City of Melbourne in 2002, in 2019 the Fund was significantly recapitalised and scaled, through a partnership with Bank Australia, to drive environmental upgrades across Australia. Sustainable Australia Fund can provide loans for up to 100% of a project’s cost, throughout NSW, Victoria and South Australia between $15,000 and $20m through its unique Environmental Upgrade Finance products.

About Environment Upgrade Finance

Environmental upgrade finance, also known as building upgrade finance, is a government-enabled funding mechanism for upgrading existing building stock to be more environmentally friendly. Business owners can take out a long-term, fixed-rate loan for the total cost of the works, which is then repaid through their local council’s rates system. Examples of projects that could qualify for this type of finance include lighting, heating, ventilation and air-conditioning upgrades, solar installations, and water and waste minimisation. To be eligible for the finance, building owners must pay Council rates, ensure the planned works are improvements to non-residential buildings, and deliver environmental benefits, such as energy, water and waste savings. 

- ENDS -

For more information, interviews or pictures, please contact:

Charlie Syme
P: 0438 723 099
E: charlie@saf.finance

 

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