Greater Dandenong businesses will be able to borrow money to buy solar panels and other sustainable energy alternatives and pay it back via their council rates.
The long term, fixed interest rate loans are being offered via the Sustainable Melbourne Fund, a trust set up to support businesses reduce their environmental footprint and cut energy costs.
Dandenong South recycling business Smart Recycling is the first to sign up for the loan and expects to buy a 100kw solar panel system for its site.
The panels are expected to save the company more than $28,000 a year on their energy bill, according to Greater Dandenong Council.
Greater Dandenong Mayor Jim Memeti hopes the council-based financing system will help the area become one of Australia’s most sustainable cities.
“Environmental upgrade agreements can be used to fund building works that improve energy efficiency, reduce waste and cut water use,” he said in a statement.
To apply for the loan and for more information, visit sustainablemelbournefund.com.au.
