Environmental Upgrade Finance


Improve Your Business

Council now offers access to an Environmental Upgrade Finance program to assist Monash businesses to save money and improve their economic and environmental performance.

The Sustainable Melbourne Fund is working in partnership with Council to deliver this service.

What is Environmental Upgrade Finance?

Environmental Upgrade Finance (EUF) is a type of long-term low interest loan that helps commercial building or property owners fund upgrades to improve their buildings environmental performance. With EUF you can finance water and energy efficiency projects, and install renewable energy systems such as solar.

The loans are administered via an Environment Upgrade Agreement (EUA) between a financial institution, a property owner and Council. The financial institution advances funds to a commercial property owner to undertake upgrade works. Repayments are then made through the Council rates for the property. Council forwards the repayments to the financial institution.

The benefit of Council involvement is that the loan is attached to the Council rates for the commercial property, and therefore has a high level of security. This security enables the financial institution to offer very attractive loan terms.

Scheme Benefits

  • Protect your business from rising energy prices
  • Replace old and inefficient equipment with newer more efficient technologies
  • Free up cash flow by locking in competitive long-term rates
  • Reduce your company’s operating costs and greenhouse gas emissions

Sustainable Australia Fund - Benefits of Environment Upgrade Finance (pdf, 207KB)

Eligibility criteria

What are the eligibility criteria?

To be eligible for Environmental Upgrade Finance your building:

  • Has been on rateable land for the past two years
  • Is used for commercial activities, with a minimum of 50% of the building operating as commercial
  • Has not been in arrears with rate payments for the past three years
  • Is not owned through a superannuation trust

What type of projects are eligible?

Eligible commercial property owners can apply to finance up to 100% of project costs with repayments structured through Council's rates on a quarterly basis. The minimum loan amount is $15,000.

Projects may include:

  • Installation of an approved solar hot water or solar panel system to any eligible premises
  • Lighting upgrades to more efficient lighting e.g. LED, lighting controls and daylight sensors
  • Heating, cooling and ventilation improvements or external façade upgrades for solar shading
  • Energy efficient unit replacement e.g. pumps and variable speed control equipment
  • Electronic control equipment e.g. power control of motors, pumps, boilers and heating/cooling systems
  • Rainwater harvesting and filtration systems
  • Waste water, grey/black water recycling/treatment for re-use of water
  • Toilet/urinal replacements for accredited and compliant water efficient systems

Pre-approved projects

There is a range of renewable energy (e.g. solar panels) and energy efficiency projects (e.g. lighting upgrades) that have been pre-approved:

Pre-approved building upgrades works (complete list)

Projects requiring approval

Please see examples of building upgrade works that will require approval from an Independent Expert Reference Panel: Projects requiring approval

How do I apply?


1. Monash businesses interested in EUF should contact Better Building Finance:

They will check your eligibility and assist you throughout the application process. They can help you:

2. Define your project scope.

3. Submit an Environmental Upgrade Agreement (EUA) application to secure finance:

EUA Application Terms and Conditions (pdf, 77KB)

EUA Application Form (doc, 1MB)

Building Owner Statutory Declaration (doc, 92KB)

More information

For more information on Environment Upgrade Agreements or other funding options visit:

Or contact the Sustainability Team at Monash Council on 9518 3555 or sustainability@monash.vic.gov.au

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Last updated: 26 May 2020