Environmental Upgrade Finance
Businesses in Knox now have access to an innovative funding mechanism to fund building upgrades.
Environmental Upgrade Finance (EUF) is a long-term, fixed-interest loan to upgrade the environmental performance of buildings where the loan repayments are paid to the lender via Council’s quarterly rates notice.
EUF is available for landlords, owner-occupiers and tenants that own or lease commercial and non-residential buildings in Knox. It’s a proven way for building owners to fund building upgrades that have positive environmental outcomes such as reducing energy or water use, minimising waste generation and improving the efficiency of the building.
For landlords, their tenants share the repayments of the upgrades while simultaneously increasing the leasing potential of their property.
For tenants, this new form of finance can help save money by implementing more efficient options, such as solar and lighting upgrades, better air conditioning and water saving measures.
When businesses improve the efficiency of their buildings, it creates jobs, improves conditions for building occupants, reduces the building’s carbon footprint and saves the business operator money.
To access EUF, an Environmental Upgrade Agreement (EUA) between building owners, lenders and Council is put in place. Tenants can also benefit from EUAs by contributing to the repayment of the loan in return for the benefits they gain from the upgrade works.
EUAs are managed by the Sustainable Melbourne Fund.