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Elections 2022: Liberals promise energy efficiency grants for SMEs if re-elected

If re-elected, the Liberal and Nationals Government plans to offer grants to help Australian small and medium businesses save money on their energy bills.

Through a $60 million Powering Business program announced yesterday, grants of up to $25,000 for small businesses and $50,000 for medium businesses will be made available to support energy-efficient equipment upgrades.

“By investing in energy-efficient equipment, thousands of businesses can save thousands of dollars on their energy bills, putting more money back in their pockets to reinvest and create more jobs,” said Prime Minister Scott Morrison. 

“Whether it’s replacing air conditioners, upgrading cool rooms, installing new equipment, this will help Australian businesses from the farm to retail, to manufacturing, to cut energy bills and get ahead.”

The $25,000 grants will be available to small businesses with a turnover of up to $10 million and up to 20 employees, with no requirement for matched funding. The $50,000 grants for medium businesses with a turnover of up to $50 million and up to 200 employees will be made available with a requirement for matched funding.

“Small and medium businesses are the lifeblood of our economy, and improvements to their energy productivity can make a big difference in helping them reduce their overheads,” said Angus Taylor, Minister for Industry, Energy and Emissions Reduction.

“This program could support thousands of SMEs reinvest in their businesses, building on the success of the Energy Efficient Communities and Hotel Energy Uplift programs, which have already supported over 1,300 businesses invest in new initiatives to help lower their energy bills.”

Earlier this year, new analysis from the Australian Energy Council revealed renewable energy measures had assisted in driving down household power prices to their lowest levels in almost a decade.

However, climate economists still note that efforts toward the National Energy Productivity Plan, first announced in 2015 under the Turnbull government, have fallen short of the 40 per cent improvement in energy productivity target for 2030.  

READ ALSO: Election 2022: Australian workers’ perceptions of economic security hit their lowest point since 2021

Rhea Laxmi Nath

Rhea Laxmi Nath

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