Mildura Rural City Council has now helped nine local businesses install more than 2 megawatts of solar PV through Environmental Upgrade Agreements (EUA).
Minter Magic and Australian Tartaric Products are the latest and largest businesses to take advantage of EUAs, which are expected to slash a combined $420,000 from their annual electricity bills.
The upgrades will also reduce emissions equivalent to planting 56,000 trees per year.
EUAs involve a lender providing upfront funding for environmentally sustainable building upgrades, such as solar PV systems, which are then repaid through Council rates.
Councillor for Environment and Sustainability Jason Modica said the latest two projects illustrated the massive savings in energy costs and emissions achievable through EUAs.
"Environmental Upgrade Agreements are a major success story for our region, making a real difference to local businesses' bottom lines while delivering lasting environmental benefits," Cr Modica said.
Australian Tartaric Products (ATP) will be installing a 1,056 kilowatt ground-mount solar PV system, comprising 1,920 solar panels.
ATP General Manager Michael Rolfe said the system would reduce the company's annual electricity bill by almost $250,000 at a time when electricity costs were becoming increasingly unpredictable.
"Power bills have risen substantially across Australia over the last decade, and the threat of continuing electricity price rises and resulting unpredictability of electricity costs can make it hard for Australian businesses to accurately plan for the future," Mr Rolfe said.
"We decided that for our business it would be commercially remiss of us if we didn't try and mitigate this volatility via a solar project.
"Our due diligence confirmed EUA was the preferred financial option."
Minter Magic will be installing a 799kW solar PV system which is expected to reduce their electricity bills by more than $173,000 per year.
Minter Magic owner, Darren Minter, said these savings would allow his business to operate more profitably and efficiently.
"Electricity is one of our three biggest expenses and this new system will allow us to maintain better cost control in terms of our power usage," Mr Minter said.
"Up until now these expenses would fluctuate depending on our usage.
"By entering into this agreement we'll know exactly how much we're paying each month in terms of repayments for the solar PV system, which provides our power.
"Another major financial benefit from a business perspective is that through this arrangement with Sustainable Australia Fund, Better Building Finance and Mildura Rural City Council, this investment in our property doesn't impact our debt/asset ratio, which is yet another incentive."
Mr Minter said employing a large-scale solar system would also help his business improve the quality of produce.
"The cost savings we're generating will now make it viable to irrigate at the optimum times of the day, which will result in better quality fruit," he said.
"It will obviously also generate environmental benefits by putting a significant dent in the emissions we're generating."
Ed Cotter, Managing Director of Better Building Finance, who helps Council administrate the EUA program, said he was excited to see another two successful projects delivered in the region.
"Environmental Upgrade Finance is an easy way for councils to help local businesses save money and reduce their environmental impact," Mr Cotter said.
"Mildura is a great example of a region where local businesses have significant operational costs, and these projects (such as solar funded by an EUA loan) provide a great way to unlock thousands of dollars in savings.
"Mildura Rural City Council has been forward-thinking in unlocking this form of finance to support their business community."
To be eligible for the EUA program, building owners must pay Council rates and ensure that the planned works are improvements to non-residential buildings.
