The city of Melbourne is now offering a retrofit fund to help building owners reduce their energy usage, conserve water and reduce their carbon emission. This is thanks to a recent amendment made to the Victorian legislation, which has enabled financial institutions to advance funds to building owners for environmental improvements.
The local government of Melbourne has devised a financial plan with affiliated banks to grant incentives to buildings owners wishing to make environmental improvements. This financial assistance is designed to aid them to overcome difficulties in the process of doing so, and especially assist building owners who currently do not have the funds for the retrofit works.
Various assistance programs
Although the 7th batch green building fund closed in March 29, 2011 the program has aided numerous building owners under the $240 million Clean Business Australia initiative.
Buildings owners who have improved their energy efficiency and water consumption will be able to receive tax cuts. Green star rated buildings can apply for one-off bonus tax reduction equal to 50% of the green assets amount.
The Victorian government has also provided a $60 million sustainability fund to encourage businesses and households to use renewable energy together with proper waste disposal practices.
Water efficiency is also an ongoing concern in Melbourne; the smart water fund will grant the city’s residents to undertake water saving projects.
Projected Outcome
Through the 1200 buildings program, along with all the sub programs and assistive funds, the city can reduce 50% of its carbon emission by 2030 or 383,000 tons of greenhouse gas emissions and be a step closer to carbon neutrality.
The program will also have a positive impact on the total number of home and commercial solar panels in Melbourne, as more residents from all sectors will be encouragedto embracing solar as the financial and environmental benefits these green buildings offer become more publicised.
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