Federal Government commits $50 million to unlock EVs, solar, batteries and energy efficient equipment for SMEs
Managed through the Clean Energy Finance Corporation (CEFC), the funding will facilitate $250 million in discounted loans provided by the non-bank lender Metro.
The Albanese Government is investing $50 million to help small and medium businesses (SMEs) access cheaper finance for electric vehicles (EVs), solar panels, batteries, and energy-efficient equipment. This initiative is aimed at farmers, freight companies, and other SMEs looking to reduce their energy costs and carbon footprint.
By offering discounted loans, businesses can finance energy-efficient machinery such as tractors, harvesters, earthmovers, and cranes, along with EVs, solar, and battery systems. Using this option, businesses financing a $60,000 electric vehicle could save approximately $1,700 in interest over five years.
Minister for Small Business Julie Collins explains: "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."
"This CEFC investment will help Australian businesses bring down their operating costs," Minister for Climate Change and Energy Chris Bowen said of the potential savings for businesses.
"Clean technologies like EVs, solar, batteries, and electric machinery are a great way for businesses to save on energy bills and decarbonise."
Metro, an independent Australian non-bank lender, specialises in auto and equipment finance for businesses, car finance for consumers, and novated leasing, making it a suitable partner for this initiative.
