A $50 million (USD 33 million) Clean Energy Finance Corporation (CEFC) commitment to a $250 million green securitisation warehouse through Australian independent vehicle and equipment finance company Metro, will give small-to-medium (SME) businesses discounted loans to decarbonise their operations.
CEFC Chief Executive Officer Ian Learmonth said the investment is about ensuring SMEs can benefit from the clean energy transition, with lower energy use, lower energy costs and a smaller carbon footprint.
“Every dollar matters for SME operators, and by taking advantage of this discounted finance and investing in a broad range of proven clean energy technologies, they can have better control of their energy use and exposure to energy price fluctuations,” Learmonth said.
“From those working on the land and in the built environment, to business owners managing shops around Australia, upgrading to best-in-class equipment for electric vehicles (EV)s, energy efficient tractors, harvesters, earth movers and cranes will help improve energy use and reduce emissions.”
Metro’s Eco Green package supports a 1% discount for eligible customers on Metro’s standard rate, with the CEFC finance backing a 0.5% discount, matched by Metro Finance. Eligible customers with a loan of $60,000 for an EV could save approximately $1,700 in interest expenses over five years.
Metro Chief Executive Officer Phillip Crossman said this important incentive will benefit Australia’s small business community, consumers and Australia’s path to emissions reduction.
“We are proud to be one of only a handful of non-bank lenders selected by the CEFC based on specific criteria. This offering demonstrates Metro’s commitment to, and investment in the continued growth and evolution of the clean energy market and green lending in Australia, which is on a growth trajectory.”
Federal Minister for Climate Change and Energy Chris Bowen said the CEFC investment will help Australian businesses bring down their operating costs.
“Clean technologies like EVs, solar, batteries and electric machinery are a great way for businesses to save on energy bills and decarbonise.”
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Federal Assistant Minister for Climate Change and Energy Jenny McAllister said the government wants to help small businesses across industries and the country make every watt count.
“These lower cost energy performance upgrades mean more control over energy use and emissions, especially in hard to abate sectors,” McAllister said.
In 2018, the CEFC invested $50 million in Metro’s Eco Green initiative to encourage customers to choose lower emissions passenger and light commercial vehicles, helping finance an additional 1,000 low emissions vehicles.
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