Accessing renewable and clean sources of energy is made easier with Environmental Upgrade Agreements (EUAs). Labelled ‘Melbourne’s secret commercial solar program’ by Sydney based solar expert, Nigel Morris, due to its “staggering potential” and little known application to solar; SMF offers businesses and commercial building owners the opportunity to invest in solar energy by applying for an EUA.
As the nation’s fastest growing city, the passion for making Melbourne a carbon-neutral city by 2020 grows with it.
The City of Melbourne conservatively estimated 20 megawatts (MW) of solar capacity as being achievable within the municipality upon large, privately held rooftops. This would see 31,273 tonnes of greenhouse gas reductions per year, should it be achieved.
SMF understands the need for buildings to increase their renewable energy resources in order to reach this goal, which is why EUAs extend to financing solar panels on commercial buildings, helping to implement City of Melbourne’s emerging solar ambitions.
Using an EUA provides building owners with access to capital to install solar panels through any financier or bank who wants to lend to an EUA. NAB and Bankmecu already offer EUA specific products.
“Financing agreements such as the EUA structure can make solar installation cost-effective and financially attractive,” said chief executive of SMF, Scott Bocskay.
“Solar might have a seven year simple payback for a building owner under a self-consumption model, and when you partner that with a 10 or 20 year fixed interest finance agreement from an EUA, that can become a project that generates free cash-flow for a business, right now.”
The advantages of solar power far outweigh the disadvantages. Solar energy is reliable, predictable and most efficient when utility rates are sky-rocketing.
“There are 1.5 million square metres of commercial roof space identified within the municipality of Melbourne,” Mr Bocskay said.
Using an EUA to finance these projects makes commercial sense. It also paves the way for building and property owners to contribute to the renewable energy movement, at the same time.
To find out more about how you can help make Melbourne a solar powered city, register in the City of Melbourne’s solar program.
To find out more about how you can secure EUA finance for solar on your building, contact us today.
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