Solar Panel Installation Encouraged in Businesses by Sustainable Australia Fund

Much has been spoken about Australia dichotomous role in climate change. On one hand we have the country’s obstinacy over the coal industry and the fossil fuels, creating an uproar worldwide.  On the other, a very benign school of thought, stringently working towards safer and greener methods to harness energy, is coming up. The recent solar power price hike, demonstrates, how expansively energy is being used and distributed in Australia.

At the given rate at which solar panel installations are being adapted, the country sure stands as a living testimony to efforts towards mitigating climate change. Seen across roof tops of homes. But for businesses, their long-term payoff, has been acting as a discouragement. But now a new loan scheme, may solve this issue.

Solar technology is one of the most pivotal solutions to the present global crisis. With soaring power prices and low energy price, businesses are being encourage to adopt this energy model using the Sustainable Australia Fund. An expansion of a successful City of Melbourne project, the $200 million fund is backed by customer-owned institution Bank Australia. It offers loans for renewable technology to be paid by the consumers through council rates over a period of 20 years. it’s a win-win situation for both parties. Businesses now don’t need to scare away from large sums of installation costs and the bank secures a long-term loan.

At Paringa Estate winery on Victoria’s Mornington Peninsula, winemaker Lindsay McCall the summer dilemma of refrigeration and increased electricity bills persuaded him to install solar panels. Pushed into act, his winery was impacted by hotter summers. “I’m considering probably putting more panels on here. And I’ve spoken to other winery owners in this area and explained how we’ve done it and encouraged them. I think it’s the way to go and the quicker Australia adopts more and more of natural energy, whether it be wind or solar, the better,” Mr. McCall said.