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Environmental upgrade finance

City of Greater Geelong now offers Environmental Upgrade Agreements to assist local businesses to save money and improve their environmental performance!

An Environmental Upgrade Agreement (EUA) is an agreement between a building owner, a bank and the building owner’s local council that facilitates a building upgrade to improve environmental performance.

Many commercial tenants are unable to make changes to the building that they lease. EUAs make this possible.

Many landlords won’t invest in improving their building because they see no incentive.

EUAs provide owners with incentive to improve the value of their property.


Project eligibility

To qualify for environmental upgrade finance, applicants need to meet the eligibility criteria listed below as well as any credit criteria set by the financier.

The property must meet the following requirements:

  1. an existing property, located on rateable land within the City of Greater Geelong municipal boundaries

  2. become a signatory of the Future Proofing Geelong Energy Efficiency Commercial Building Program

  3. must be current on all rates and charges due to Greater Geelong Council

  4. property type must be predominantly non-residential (such as commercial or industrial) and not be owned by a superannuation trust. Various types of renewable energy (for example: solar panels) and energy efficiency projects (for example: lighting upgrades) have been pre-approved.

Learn more about eligibility on the Sustainable Melbourne Fund website.


The EUA process

A finance lender provides a loan and the building owner pays it back through Council (like Council rates). Council’s involvement in this process ensures that the loan is highly secure and the lender will provide better terms.

The tenant can use a portion of the energy savings to contribute to repayments.

There is no upfront capital required.

Owners increase the value of their asset while tenants enjoy cost savings and improved working conditions!


Application process

The Sustainable Melbourne Fund is working in partnership with Council to deliver this service. Contact Sustainable Melbourne Fund to enquire about applying for an Environmental Upgrade Agreement. They will check your eligibility and assist you throughout the application process.

Alternatively, contact Liz Raimondo at Future Proofing Geelong on 03 5272 5077 or futureproofinggeelong@geelongcity.vic.gov.au.



Page last updated: Friday, 23 June 2017
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