The Tasmanian Government has launched a new program to help Tasmanian businesses invest in renewable energy.

 

The $30-million Renewable Energy Loan Scheme will help Tasmanian businesses make the switch to renewable energy sources, cut power costs, reduce their carbon footprint, and compete in the low-carbon economy.

 

The Renewable Energy Loan Scheme will help eligible businesses to buy and install renewable energy generation equipment, or create renewable energy technology.

 

The scheme covers wind, solar, wave, hydro projects and other renewable energy systems which meet the criteria.

 

To reach the greatest number of eligible businesses, assistance packages under the scheme will include.

  • A low-interest loan for up to 70% of the value of the renewable energy project
  • A grant for up to 10% of the project’s value (capped at $100,000 per applicant).

 

Applicants will need to contribute up to 20% of the project’s value themselves, depending on the value of security offered.

 

Applications will be assessed on a competitive basis, and approval of loans may depend on the availability of funds.

 

The scheme will be open until June 30th, 2014, and subject to an annual review.

 

Applicants should contact the Department of Economic Development Tourism and the Arts’ Business Point on 1800 440026, or email This email address is being protected from spambots. You need JavaScript enabled to view it..

 

A client manager will be assigned to help with the loan application process.

 

The Renewable Energy Loan SchemeGuidelines are available on the Department’s website at www.development.tas.gov.au

 

The Tasmanian Renewable Energy Industry Development Board provided advice on the development of the Renewable Energy Loan Scheme and associated guidelines.