The Sustainable Melbourne Fund and the Victorian government will collaborate on a program to educate small and medium enterprises on how to access environmental upgrade agreements (EUAs).
EUAs are agreements between a building owner, local council and financier to finance environmental retrofitting projects. Under the terms, the building owner is advanced funds for the upgrade by the financier in exchange for having a new council charge, an Environmental Upgrade Charge (EUC), levied on the building by the local council. The council then collects this charge and passes it back to the financier. Because the charge is tied to the building, and not the building’s owner, it is considered less risky. Additionally, the structure of the EUA overcomes the “split incentive” where tenant enjoy energy efficiency savings whilst the building owner pays the charges associated with the upgrade.
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