Australia’s Clean Energy Finance Corporation has initiated a A$250 million (US$183 million) program to provide financing for local councils to invest in clean technologies to reduce their energy bills.
The CEFC Local Government Finance Program is designed to provide flexible and competitive fixed-rate, long-term finance tailored to the needs of Australian councils. The CEFC’s Paul McCartney, Executive Director – Corporate and Project Finance, said there are compelling reasons for Australian councils to take proactive steps to manage their energy use.
“Australia-wide, councils are under continued pressure to effectively and efficiently manage their operations,” McCartney said. “Local governments across Australia administer a vast network of street lights, community centres, libraries, sport and recreation facilities and other public access buildings.
“We see strong potential for operational savings through a range of renewable energy, energy efficiency and low emissions technologies. This program will provide councils with access to finance to help accelerate the adoption of these improvements. This program will support major investment activities across a range of eligible projects. For example, there are clear benefits to councils from converting street lighting to more efficient LED lighting, as well as installing rooftop solar PV on council-owned buildings.
“The CEFC has identified energy from waste projects as an area where councils can generate energy by reusing landfill waste. We’ll also be speaking with councils about improving air conditioning, installing smart controls and voltage optimisers to improve the energy efficiency and performance of their buildings.”
Key elements of the CEFC Local Government Finance Program include financing for eligible projects across renewable energy, energy efficiency and low emissions technologies with loans of at least A$10 million for a single project or package of works. Finance can be drawn over three years.
