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The latest funding brings the Clean Energy Finance Corporation’s (CEFC) total investment in the program to $600 million and follows a longstanding partnership between the two organisations, which began in 2017.
The program offers eligible businesses a 0.8 per cent per annum finance discount on qualifying asset finance loans, with Australia New Zealand Banking Group (ANZ) and the CEFC each contributing 0.4 per cent towards the discount.
Eligible assets include electric vehicles, rooftop solar, battery storage, energy-efficient equipment, and recycling technology.
In 2022, ANZ also added a further $200 million to the funding program.
According to ANZ, the additional funding will allow more businesses to invest in equipment designed to improve productivity, reduce operating costs, and lower energy use.
ANZ managing director, product and specialist sales, business and private bank John Campbell said the partnership had supported businesses looking to improve efficiency while managing ongoing cost pressures.
“Australian businesses are constantly looking for ways to improve productivity and manage costs,” Campbell said.
“Whether it’s installing solar panels, upgrading equipment or transitioning a vehicle fleet, these investments can deliver meaningful savings over time, but the upfront cost can be a barrier.”
Campbell said the additional funding would allow more businesses to access discounted finance to invest in equipment and technology.
Since the partnership was established, ANZ and the CEFC have supported more than 1,600 Australian businesses with more than $444 million in discounted asset finance. More than $90 million in finance was provided through the program during the last financial year.
CEFC executive director Richard Lovell said the program was designed to help businesses invest in equipment that could reduce energy use and improve efficiency while lowering financing costs.
“SMEs are looking for practical ways to manage rising costs while maintaining productivity. This program helps bring forward investment in equipment that can reduce energy use and improve efficiency, while lowering financing costs at a time when access to affordable capital matters,” Lovell said.
The announcement builds on ANZ’s existing clean energy finance offering, which provides discounted finance for eligible business investments in energy-efficient assets.
[Related: EVs power green finance surge]
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