August 13 (Renewables Now) - Small businesses in Australia will be able to take advantage of lower-cost financing for investments in solar capacity, battery storage and electric vehicles (EV) from the Bank of Queensland.
The bank’s BOQ Finance (BOQF) division, which focuses on the mid-market asset financing segment, will partner with Australia’s green bank, the Clean Energy Finance Corporation (CEFC), in the BOQF Energy Efficient Equipment Finance programme. Under it, small businesses will be able to get a 0.7% per annum discount on the finance rate for eligible projects that may involve the installation of rooftop solar, solar thermal and energy storage systems, the purchase of EVs or plug-in hybrid EVs, and investments in heating ventilation and air conditioning (HVAC), commercial refrigeration equipment, efficient lighting and irrigation or other upgrades.
On announcing the AUD-100-million (USD 67.6m/EUR 60.4m) agreement with BOQF today, CEFC said it has already supported more than AUD 1 billion in new investment in smaller-scale clean energy projects at home. The businesses that have benefitted from the different programmes up to now include manufacturers, agribusinesses and building owners.
“An increasing number of our customers are seeking clean energy alternatives, and we are pleased to be working with CEFC to make the up-front investment in sustainable solutions simpler and more affordable,” said BOQF CEO Verity Gilpin.