Environmental Upgrade Agreements Queensland
Environmental improvements must have measurable environmental benefits that make them ideal for sustainable improvements such as PV, facilities, batteries and energy efficiency measures. Bank Australia has partnered with the Melbourne Sustainable Fund to take over the original Environmental Improvement Agreement (EUA) for national buildings. Environmental improvement is a complement, extension or modification of an existing building to improve energy efficiency, water and resource use. But Ms McDonald said such city leadership agreements were not yet possible in Queensland and called for the local government law to be amended to allow the US in Brisbane. An Environmental Upgrade Agreement (EEA) is a funding mechanism to improve the energy efficiency of existing buildings to improve their environmental performance and can bring benefits to the community, industry, building owners, balms, financial service providers and local governments. The $1.5 million upgrade of O`Connell`s OBM House was accompanied by new air conditioning in the buildings and the replacement of the basic building measurement and building management system. Environmental upgrade agreements allow owners or managers to access loans to upgrade a commercial building to maximize the building`s energy efficiency. Businesses in Victoria, NSW and SA are already benefiting from the benefits of the EUA, which can achieve significant savings through low-rate environmental improvement loans, with no pre-fee for real estate, with repayment periods of up to 20 years. There are some convincing successes on the financial benefits that are appreciated by a large section of the company in these 3 states.
We think it`s time for Queensland to get on board! Legislative changes have been made in Victoria, NSW and SA to allow owners access to the ERA. The INE facilitates a loan to a business/household from an external source that is the originator of the property and is repaid at Council rates over a period of up to 20 years. Since the repayment of the loan is included in the Commission`s interest rates, the lenders consider it to be a very safe loan, so interest rates are low. Landowners do not have to pay advance fees for upgrades, and the loan remains on the property, which means that homeowners are less resistant to building modernization because they have not come out of their pockets and share these costs in most agreements with tenants who benefit most from reduced operating costs to assist in the COVID 19 recovery.