28 March 2012 –Newcastle’s city council in NSW will examine implementation of environmental upgrade agreements for buildings after receiving a $200,000 grant from the state government’s climate change fund.
EUAs involve an arrangement between a building owner, finance provider and local council to upgrade the energy and water efficiency of a non-residential building.
A finance provider lends funds to a building owner for environmental upgrade works. These funds are then repaid to council through a rates charge on the building, which council passes on to the finance provider.
Environment and climate change services manager Peter Dormand said this innovative way of financing overcomes a major barrier for building owners to access affordable capital.
“The scheme is rapidly gaining momentum in Australia with EUAs currently offered in Sydney and Parramatta and a separate scheme up and running in Melbourne.”
“EUAs have the capacity to improve the value and quality of building stock within our region while also making a positive contribution to environmental and social aspects of the community,” he said.