Local governments across Australia will play an important part in helping Australia meet its emissions target with $250 million under the Government’s Clean Energy Finance Corporation (CEFC).
The new CEFC Local Government Finance Program will encourage Australia’s 560 local councils to invest in clean technology across their operations, ranging from street lights to solar panels on offices, community housing, libraries, sports grounds and infrastructure.
Local government has long been an active partner in helping the Australian Government tackle climate change and setting new directions for clean energy and lower emissions.
Many have already achieved great things, not only in energy efficiency but through initiatives like cutting landfill emissions with better waste management.
Access to flexible and competitive fixed-rate, long-term finance under this program will help them make greater savings for their rate payers while cutting emissions.
This package builds on experience and takes a flexible approach to financing practical projects covering renewable energy; energy efficiency and low emissions technologies.
Loans of at least $10 million can be taken out over three years for a single project or package of works, and councils can work together to finance joint projects.
This programme is part of a suite of Government policies to achieve lower emissions and lower electricity prices.
We are providing over $15 billion in support for renewables and lower emissions.
The Renewable Energy Target, which will see more than 23.5 per cent of Australia’s electricity coming from renewable sources by 2020, is driving a doubling of large-scale renewable energy generation over the next five years.
This Government is focused on driving investment in renewables whilst reducing electricity prices.