Electrical Connection Autumn 2016

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24 E L EC TR I C AL CONNEC T I ON AU T UMN 20 1 6
that lift building performance,” he says.
“Financing such upgrades through
Building Upgrade Finance may offer
a number of benefits compared to
other forms of traditional finance – the
potential is limitless and could be applied
to offices, shopping centres, hotels,
healthcare facilities, university buildings,
factories and warehouses.”
HOWYOUCANBENEFIT
“These state schemes are really set
up to make energy efficiency more
affordable,” Ben says.
“The idea is that contractors can design
and install an energy efficient system for
$X, knowing that they’ll earn a number of
certificates from the replacement of the
existing system, which can then offset
the cost.
“This means they can give a ‘discount’
to the property owner.
“Once the system is installed, the
contractor can come to Greenbank, which
will create the certificates, and we will buy
them from the contractor. Of course, the
home owner could do this themselves but
that is rare, with the installer/contractor
acting on the property owner’s behalf.”
Greenbank is Australia’s largest
environmental certificate creator
and trader. It essentially acts as an
‘aggregator’, purchasing RECs, VEECs
and ESCs from contractors and property
owners then selling them in large bundles
to retailers to offset their liability
“Greenbank essentially provides
installers with practically instant
cash flow. Once we receive the signed
forms and mandatory supporting
documentation, we pay within 24 hours
when our customers use our online REC
portal and phone app.
“Once we have purchased the
certificates, we adopt all compliance and
pricing risk. That’s why a service like ours
is very appealing to installers. They don’t
have any compliance risk of the regulator
saying something was filled out wrong and
contractors have to go back to the site.”
Ben says about 95% of solar installers
already claim RECs, but a large number
of hot water and lighting installations
haven’t been subject to a claim.
“A lot of credits are just going to waste.
“Installers need to understand that
they can use these certificates as a
sales tool. You can reduce the cost to
customers without losing any income. Of
course, because the certificates trade on
the market, the price fluctuates, so that’s
a risk you’ll need to manage.
“However, you have 12 months after
a solar system has been commissioned
to create and sell the certificates, so you
can study price fluctuations the same
way you would the stock market and sell
when the price is high.”
Ben notes that installers can generate
their own certificates, but it’s a lot of
work – to the point where the value of
the certificates is negated.
“It’s so much easier to come to a
company like ours.”
The process is simple, he says.
Contractors can simply set up an account
with Greenbank online. Claiming RECs
after opening an account can also be
done online or via an app.
Given the increasing pressures
facing tradies, remaining competitive
and maintaining a steady cash flow
is imperative for survival. As you
are already installing energy saving
systems, why not use all the tools at
your disposal?
As Fiona says: “Where else can you
get thousands of dollars for six pieces
of paper?”
> Greenbank Environmental