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Finance for green equipment gaining momentum

A major Australian lender has revealed a significant upsurge in business financing aimed at green equipment, with a staggering 59 per cent increase in the period spanning April to June 2023 in comparison to the earlier months of January to March.

This notable surge can be attributed to an increasing number of businesses seizing the opportunity to leverage government incentives to upgrade their equipment and minimise their carbon footprint.

There has been a strong demand for energy-efficient agriculture equipment with finance increasing by a staggering 226 per cent. Equally impressive is the 129 per cent rise in solar upgrades, swiftly followed by a commendable 32 per cent uptick in electric cars.

Recent research data has revealed that a substantial 20 per cent of Small and Medium-sized Enterprises (SMEs) strongly intend to invest to improve the sustainability of their business in the next 24 months. This wave of enthusiasm can be largely attributed to the mounting awareness among individuals about the pressing need to mitigate their carbon footprint.

Government schemes like the instant asset write-off and proposed small-business energy incentives might be helping eligible businesses make the most of each dollar, which are then driving investments into more energy-efficient agriculture equipment, and electric heating and cooling systems.

The landscape of electric vehicles (EVs) in Australia has undergone a palpable transformation, bolstered by their increased affordability and the entry of many car manufacturers with a focus on EVs. This pivotal shift in the automotive sector has prompted a growing number of business owners to electrify their fleets.

Facilitating this green revolution is the availability of green loans, strategically tailored to finance a diverse range of assets, including motor vehicles, property, and cutting-edge equipment. Reports indicate that these types of loans are gaining considerable momentum.

To qualify for a green loan, the asset to be funded must meet certain eligibility criteria to prove that it is contributing to an environmental objective. These green loans hold profound potential in facilitating the transition towards a more sustainable future, as there is a great potential to make an impactful change to overall emissions.

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