Environmental Upgrade Agreements Victoria

There are a number of renewable energy projects (e.g. B solar panels) and energy efficiency projects (e.g.B. lighting retrofits) that have been approved in advance: projects eligible under environmental improvement funding include upgrades that improve the environmental performance of a building, for example: an Environmental Improvement Agreement (EA) is a contract between you (owner), the financial institution and ourselves (City of Melbourne through the Sustainable Me lbourne Fund). The FUE can be used for works that improve energy efficiency, water or the environment, sustainability or resilience of the building to climate change. This could include, for example, installing an efficient rainwater collection system or faucets, installing on-site power generation, improving the house`s Scorecard star rating, efficient lighting or equipment, reducing pollution or waste. Among climate change adaptation upgrades, there are upgrades that would make a building more resilient to the effects of climate change, such as extreme weather or bushfires. Rather, the Council acts as an intermediary and is responsible for offsetting loan repayments by property owners and the lender. In the event of a credit default, the Council is not liable for the outstanding debt. The Local Government Act 2020 expressly provides that municipal councils are not liable for the inability of an owner or user to pay an environmental improvement loan. It also requires an agreement on the FEU stipulating that the lending institution must repay the Council when the contract is terminated prematurely and that the Council has repaid all excess repayments received by the owner or user. If the tenants are formally informed of the proposal and give their consent to the payment of the fee, they can participate financially. This is expected to happen where tenants benefit from upgrades, such as reducing energy or water bills. If not all tenants agree to be paid the fee, the bill allows a refund tax to be passed on to tenants who have given written consent, but not to others.

The FUE provides funds to companies and owners who upgrade buildings, sustainability (e.g. B energy efficiency) or adaptation to climate change (e.g.B. Sprinklers for protection against bush fires). The EUF can be used to upgrade existing residential and commercial buildings on taxable land throughout the City of Victoria. Environmental Upgrade Finance (FUE) is a kind of long-term low-interest loan that helps commercial or property owners finance upgrades to improve the environmental performance of their buildings. . . .

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