The Albanese Government is helping businesses take control of their energy use and lower their bills by making it easier to invest in technologies that reduce energy use and improve efficiency.
Australian small and medium‑sized businesses will have greater access to discounted finance for energy bill‑saving equipment, with ANZ and the Clean Energy Finance Corporation (CEFC) expanding their successful partnership by an additional $150 million.
The additional funding will help more businesses invest in assets including rooftop solar, battery storage, electric vehicles, energy efficient equipment and recycling technology, reducing operating costs while improving productivity.
The funding expands the ANZ Energy Efficient Asset Finance Program, with ANZ and the CEFC each contributing 0.4 per cent per annum towards a total finance discount of 0.8 per cent per annum.
Since the partnership began in 2017, more than 1,600 Australian businesses have accessed over $444 million in discounted finance through the program. In the last financial year alone, ANZ and the CEFC provided more than $90 million in finance to help businesses invest in energy efficient equipment.
Victorian family‑owned manufacturer Lago Smallgoods is among the businesses benefiting from the program, using discounted finance to invest in energy‑efficient equipment including a high‑performance slicing machine, robotic picking technology and new packing machines.
General Manager Rhett Davis says the support we received through ANZ and the CEFC enabled their business to enter new markets, increase productivity, and find more sustainable solutions.
“We’ve seen significant productivity gains, increased our production capacity by around 30 per cent and reduced costs by about 20 per cent. These improvements are enabling us to grow the business while being much more energy efficient, and in turn, much more competitive,” said Mr Davis.
Minister for Climate Change and Energy Chris Bowen said Australian businesses are always looking for practical ways to reduce costs and improve productivity and investing in more energy efficient equipment helps them do both.
“Whether it’s installing rooftop solar, buying an electric vehicle, adding battery storage or upgrading equipment, these investments lower energy bills and help businesses become more competitive.” Minister Bowen said.
“The upfront cost can often be the biggest hurdle. This partnership helps businesses overcome that barrier by making finance more affordable so they can invest sooner and start saving sooner.”
“Government and the private sector working together can unlock investment that cuts energy costs, boosts productivity and supports Australian businesses to grow.”
Minister for Small Business Dr Anne Aly said this is another way the Albanese Labor Government is backing Australian small businesses.
“Labor is backing small businesses to cut their energy bills, lift productivity and invest in their future,” Minister Aly said.
“This partnership will help more small businesses cut their energy bills through better access to solar, batteries and energy‑efficient equipment.”
“From the $20,000 instant assets write‑off to cheaper energy bills, we’re delivering practical support that help small businesses save money, grow and stay competitive.”
