BEES will support a loan pool of up to fifty million dollars.
The purpose of BEES is to provide C&I customers with assistance to implement energy efficient products and services to sustainably reduce electricity bills.
The Tasmanian Government recognises that upfront costs associated with implementing energy efficient measures can act as a barrier, and BEES supports C&I customers financing these costs.
The scheme provides interest subsidies to eligible applicants by way of a once-off grant payment. Two forms of support are available under the Scheme:
- an interest free loan of up to $10,000 over three years; and
- a low interest loan of up to $50,000 over three years.
Applicants may only access the interest subsidy under BEES for a maximum cap of $60,000 in borrowings. Once this cap is reached no further subsidy will be available to the applicant under the scheme.
In both cases, applicants need to arrange finance through an Australian Financial Services licensed (AFSL) financial institution (eg a bank) on arms-length commercial terms. While BEES provides interest support for a three-year period, the loan entered into between the applicant and its financial provider can reflect a loan period that meets the needs of the applicant (i.e. the loan term is not prescribed under the Scheme, unlike the ESLS).
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