NZ$2m in loans for green energy projects

New Zealand’s Energy Efficiency and Conservation Authority (EECA) will provide a total of NZ$2 million ($1.86 million) worth of government loans to help universities, councils and hospitals get started on renewable energy projects.

EECA has launched its latest funding round for low-cost, interest-free loans to finance investments in improving energy efficiency and adopting renewable energy technology.

The authority’s business general manager, Greg Visser, said as with businesses, public sector organisations can save up to 20% of the energy they use with energy management improvements.

“The opportunities are incredibly varied — a hospital may choose a more environmentally friendly system to heat their building while a council may want to invest in electric vehicles,” he said.

In the past five years around 40 energy efficiency and renewable energy projects have received Crown loans, resulting in cumulative savings of NZ$9 million for the public sector and carbon reductions of over 5000 tonnes per year, Visser said.

Examples include Kapiti Coast District Council cutting energy costs by around NZ$350,000 per year with a range of Crown loan funded projects worth a combined NZ$1.5 million.

“Those results speak for themselves — they’re good for the organisation but all New Zealanders benefit when a public sector agency is energy efficient,” Visser said.

Image courtesy of mattwalker69 under CC