Green loans

Green loans or ‘Environmental Upgrade Finance’ help business owners upgrade their buildings to save on energy, water and waste.

Businesses large and small in Port Phillip are able to access Environmental Upgrade Finance (EUF), a new and growing form of finance designed to make existing buildings better.

Environmental Upgrade Finance enables businesses to borrow money with competitive terms so they can upgrade their buildings to save on energy, water and waste. Popular projects include solar PV systems, energy efficiency upgrades, and heating, ventilation and air-conditioning systems.

Benefits of Environmental Upgrade Finance

  • Fixed rate, loan terms of up to 10 years with low annual repayments
  • Repayments are collected through council rates
  • No upfront capital or security
  • Option to share costs between owners and tenants

The Sustainable Australia Fund shows how this finance works.


To qualify for this finance, applicants need to meet the eligibility criteria listed below as well as any credit criteria set by the lender:

  • Upgrade to existing buildings, located on rateable land within the council boundaries
  • The proposed works should deliver a positive and quantifiable environmental outcome such as energy and/or water savings or waste minimisation
  • Must be up to date on all rates and charges due to Council
  • Property type must be predominantly non-residential (such as commercial or industrial) and not be owned by a self-managed superannuation fund.


Have a look at the frequently asked questions on the Better Building Finance website

Next steps

Environmental Upgrade Finance is simple, transparent and easy to organise. The key steps to follow are:

1. Your business scopes out an upgrade project

2. Better Building Finance connects you with participating lenders who provide upfront capital

3. You (or your tenant) make fixed quarterly repayments via an Environmental Upgrade Charge (EUC) on your Council rates

4. Your business benefits from lower operating costs and lower emissions!

Who is Better Building Finance?

In operation since 2010, and finalists in the 2019 Premier’s Sustainability Awards, Better Building Finance is Australia’s leading facilitator of Environmental Upgrade Finance (EUF). In 2018 their initiative financed 26 environmental upgrade projects at an investment of $10.5 million, generating 2.4MW of solar power, which will lead to the abatement of 178,000 tonnes of emissions over the life of the projects.

Council has partnered with Better Building Finance to administer this financing program and help to create more sustainable businesses across the City of Port Phillip.

They will make it easy for you every step of the way – from application to full repayment.

Get started!

If you want advice for your building, talk to a member of the Sustainable Programs team at Council - call 9209 6690 or email

If you already have a project scoped, contact Better Building Finance directly to connect with lenders. Call 9021 5584, email or visit

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