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Environmental Upgrade Finance

Waverley businesses can now access Environmental Upgrade Finance for projects that help them save money and improve their economic and environmental performance.

How does it work?

Environmental Upgrade Finance involves a three-way agreement between the business owner, Council, and lender, called an Environmental Upgrade Agreement (EUA). These are standard documents provided by the NSW Government under the Local Government Act 1993.

It provides an incentive for building owners to upgrade their infrastructure and improve the value of their property. If the property is leased the building owner can share the repayments with their tenants, allowing tenants to benefit from reduced operating costs, and owners to improve the value of their asset. Find out more by watching the explainer video below.

Benefits to businesses

By using this finance to fund building upgrades, businesses can benefit from:

• Improving environmental outcomes such as energy, water or emissions reduction
• Reduced business operating costs
• Positive cashflow outcome from project – often from year one
• Media and promotional opportunities
• Sustainability leadership in the community

What can be funded?

Upgrades that improve the energy, water, waste management or overall sustainability of an existing building can be funded, including:

• Solar systems, solar PV (photovoltaic) panels and battery solutions
• Energy efficiency upgrades – such as LED lighting and control systems
• Heating, ventilation, and air conditioning (HVAC) systems
• Green and cool roof installations
• Water efficiency and treatment systems
• Waste management
• Electric vehicle charging stations

Eligibility

To be eligible you must meet the criteria listed below as well as any credit criteria set by the lender:

• The upgrade is to existing buildings, located on rateable land within the council boundaries
• The upgrade project has a measurable environmental benefit, such as energy, water or waste, or addresses other sustainability or climate change issues
• The property must be predominantly non-residential (eg commercial) and not be owned by a self-managed superannuation fund
• The property and/or property owner is not in the business of fossil fuels, live animal export, intensive farming, gambling, tobacco, or the arms industry
• The business and property must be up to date on all rates and charges due to Council.

Application

As part of the application process the applicant will need to:

1. Provide details about the upgrade project and the business that is pursuing the project
2. Provide property ownership information, ABN/ACN if applicable, and authorised signatories
3. Provide information about mortgages, loans or leases that are secured against the property
4. Finally upload the following documents: Project proposal (from the contractor or installer), Council rates notice and copy of property owner’s ID.

Apply here

More information

Want to know more? Have a look at these frequently asked questions (FAQs) here

If you can't find the answer to your question or want to discuss the application process further, please get in contact with the Sustainable Australia Fund on 1300 432 044 or email info@sustainableaustraliafund.com.au. Alternatively, find out more via their website

You can also contact Council’s Sustainability and Resilience Coordinator, Rachel O’Leary on Rachel.Oleary@waverley.nsw.gov.au