Environmental Upgrade Agreement
Greater Shepparton City Council have enabled Environmental Upgrade Agreements to be delivered in the municipality, to assist businesses undertake energy efficiency projects and save on costs.
What is an Environmental Upgrade Agreement?
An Environmental Upgrade Agreement (EUA) is an agreement between a building owner, a bank or lender and the building owner’s local council that facilitates a building upgrade to improve environmental performance. Many commercial tenants are unable to make changes to the building that they lease -EUAs make this possible. Many landlords are hesitant to improve their building because of upfront costs - EUAs provide owners with incentive to improve the value of their property.
What types of projects are eligible?
Various types of renewable energy (e.g. solar panels) and energy efficiency projects (e.g. lighting upgrades) have been pre-approved.
A separate list of building upgrade works is also provided for works that will require approval from an Independent Expert Reference Panel.
How do EUAs work?
A finance lender provides a loan and the building owner pays it back through Council (like Council rates). Council’s involvement in this process ensures that the loan is highly secure and the lender will provide better terms. The tenant can use a portion of the energy savings to contribute to repayments. There is no upfront capital required.
If you are a commercial property owner or tenant, contact us to assess whether a EUA is appropriate to save you money and improve the environmental performance of your building.