Australia is one of those countries that remain at the forefront of initiatives in the fields of green and renewable energy. The government of Australia understands the bad effects of continued use of fossil fuels and their impact on our environment. It gives encouragement to businesses making efforts to switch to clean and green energy. In this article, we will discuss some of the popular schemes at the federal and state levels that provide funding for green energy projects.
Clean Energy Future Fund WA
Clean Energy Future Fund was announced by the government of Western Australia in April 2020. Under this initiative, eligible candidates and businesses are given grants to develop and implement innovative green energy projects. These projects should lead to a significant reduction in the emission of greenhouse gases. The program is currently open (the round started on 25 January 2021) and is coming to a close on 22 April 2021. You can receive funding between $250,000 and $4 million under this program. A total of $16 million is available for eligible entities under this program.
- Your business must be an Australian entity
- It must be a business in Western Australia
- The project must lead to a reduction in greenhouse gases emission
- Your project must be near the stage of an investment
- Your business must be developing and implementing innovative green energy projects
Advancing Renewables Program
Advancing Renewables Program is an initiative of a government agency called ARENA. Funding is given to eligible businesses and individuals. This funding can be used for the development of technologies that produce green energy. It is an ongoing program that you can apply for at any point in time. Matched funding is provided, which ranges between $100,000 and $50 million. The project should either lead to a reduction in the cost of green energy, or it should deliver higher volumes of energy.
- Businesses must have ABN
- Businesses must be incorporated under Corporations Act
ACT Smart Business Energy and Water Program
Under this program, businesses situated in Australian Capital Territory are being given financial assistance in the form of rebates. This money can be used so that they can upgrade to equipment and technologies that are either more energy-efficient or more water-efficient. This program is open now and eligible businesses can apply to receive financial assistance. Rebates of up to $5,000 can be received under ACT Smart Business Energy and Water Program. Please keep in mind that this program is meant for only those businesses that are situated within ACT. The rebate can be utilised to upgrade to more energy efficient cooling, lighting, heating, or toilet facility. Under ACT Smart Energy and Water program, you can claim 50% of the money spent on upgrades.
- Your entity must be functional in Australian Capital Territory
- The energy bills of your business should be up to $25,000 per annum
- The upper limit of employees working in your business should be less than or equal to 20
Above mentioned grants are only some of the many incentives that the Australian State and Federal Governments are providing to support green energy projects. To know more about such grants and their eligibility criteria, please speak to one of our advisors at the number mentioned below.