Businesses and not for profits will be able to access cheap finance for green assets under a new $100 million joint program between the Clean Energy Finance Corporation and Commbank.

The Energy Efficient Equipment Finance Program will provide a 0.70 per cent discount on Commbank’s standard rate for assets between $10,000 and $5 million, as long as they meet required energy efficiency standards.

Investments could include technologies like solar panels, efficient vehicles, energy efficient lighting and fixtures, and HVAC upgrades.

The program is the second iteration of a previous (though still operational) Energy Efficient Loans Program with Commbank, though years of experience and learnings have enabled the discount of 0.70 per cent to apply, which is not a feature of the other program

The new finance program is similar to others already in operation through NAB and Westpac.

CEFC chief executive Oliver Yates said the program provided businesses with a “compelling” reason to invest in efficiency and renewable technologies.

“In a world that is transitioning to cleaner energy through the rapid global uptake of technologies like solar, battery storage and electric vehicles, it is imperative Australian businesses position themselves to take advantage of technologies that will help them work smarter and save them money through reduced energy use and operating costs,” Mr Yates said.

The program is supported by the CommBank Asset Financing Australia Index Report 2016, which found increased appetite and use of energy efficient vehicles and equipment.

“We know energy efficient assets help reduce operating costs, but we’re seeing businesses increasingly aware of other benefits to their business, reducing their carbon footprint, adding value to their brand and improving their productivity,” Commonwealth Bank managing director asset finance David Farr said.

“In particular, we see huge potential for the transport, agriculture and construction industries to realise major benefits from upgrading to energy efficient technologies, including fuel efficient vehicles, and energy efficient lighting and refrigeration.”