Ag News

Farmers driving uptake of finance for energy efficient equipment

  • By: Farm Tender "Prime"
  • Feb 06, 2018

As power prices rise, demand for discount loans for energy efficient equipment climbs.

Demand for special loans for energy efficient equipment is on the rise as farmers and businesses across Australia seek new ways to offset costs, according to Commonwealth Bank lending trends and research.

Month-on-month, Commonwealth Bank is seeing strong growth in lending for new energy efficient equipment on farms.

“If we compare January to June this year, the value of new loans to farmers for energy efficient equipment has increased by more than 400 per cent and we expect this trend to continue,” says Margot Faraci, Commonwealth Bank General Manager of Regional and Agribusiness Banking for New South Wales.

Commonwealth Bank has partnered with the Clean Energy Finance Corporation to provide discounted financing to help businesses fund energy efficient vehicles, equipment and projects. Customers receive a 0.70 per cent discount when they choose to finance qualifying equipment such as fuel efficient vehicles, energy efficient lighting and fittings, farm machinery, commercial lighting and rooftop solar panels valued between $10,000 and $5 million.

“Energy prices are one of the key cost concerns weighing on the minds of Australian farmers an...
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