Unlock Energy Savings for Your Business: A Guide to the QBEST Rebates Program
By LINK Advisors team·5 October 2023
As a small business owner in Queensland, you’re constantly seeking avenues to operate more efficiently. Upgrading to energy-efficient devices is a prime method to considerably lower your power bills. The Queensland Government recognises this, and with the introduction of the Queensland Business Energy Savings Transformation (QBEST) Program, they aim to incentivise businesses like yours to make this essential investment. By offering a 50% rebate on the cost of energy-efficient equipment and appliances, the program makes the transition to greener options more feasible.
What’s the Opportunity?
The QBEST Program is a segment of a larger $35 million initiative crafted for small to medium-sized businesses. Its mission? Facilitating businesses in reducing their energy consumption by financially supporting their investments in energy-efficient equipment.
Key Data
- Funding Pool: $16 million
- Rebate Range: $4,000 to $12,500
- Total Spend: Minimum of $8,000 (excluding GST) on equipment and installation to qualify.
Grant Structure: Understanding the 50% Rebate
The QBEST program offers a straightforward 50% rebate on the purchase and installation of eligible energy-efficient equipment.
If you spend a minimum of $8,000 on qualifying items, you’re eligible for a rebate of $4,000. For the maximum rebate of $12,500, your total expenditure should be $25,000.
For instance, if a business invests $20,000 in state-of-the-art energy-efficient devices, they could receive a substantial $10,000 rebate through QBEST.
Eligibility CriteriaYour business can benefit if it:
- Has an ABN.
- Is privately owned (not a public company)
- Operates from and is headquartered in Queensland
- Employs between 2 to 199 full-time (or equivalent) staff, including the business owner
- Hasn’t received funding for similar equipment before
- Is currently operational
Note for businesses with multiple locations, that funding is restricted to 1 application per ABN
What Can You Purchase?
Eligible items include:
- Appliances with a 4-star energy rating or higher:
- Air conditioner
- Clothes dryer
- Clothes washer
- Computer monitor
- Dishwasher
- Heat pump hot water system (if replacing an electric or gas storage hot water system)
- Electric-boosted solar hot water system (if replacing an electric storage hot water system)
- Refrigerator or freezer
- Pool pump
- Television
- Energy-efficient commercial refrigerators such as:
- Walk-in refrigerator
- Refrigerated display case
- Refrigerated vending machine
- Electronically-commutated fan motor (if replacing another type of fan motor)
- LED lighting
- Motion sensor, light level sensor or timer for lighting appliance
- Motors classified in the IE3 or IE4 category under the IEC standard (if replacing the EI1 or EI2 category under this standard)
- Variable-speed air compressor
- Variable-speed chiller (if replacing a fixed-drive chiller)
- Variable-speed drive unit for a pump or fan
Action Items
1. Budget WiselyEnsure you understand the rebate structure and adjust your expenditures accordingly, with a base aim of at least $8,000 (excluding GST). 2. Selection
You may include multiple items in your application, but keep in mind the $12,500 rebate cap. You may spend more than $25,000 but the rebate is capped at the $12,500 maximum. 3. Timely Application
With the first round opening at 9 am on Thursday, 5 October, time is of the essence. It’s a first-come, first-served scheme.
Key Dates
- Launch: 5 October 2023
- Close: The program runs in stages until 2026, but each round will close as soon as the designated funds run out.
Closing thoughts
Embracing the QBEST program will not only mitigate your energy expenses but also champion a sustainable business landscape. Equip yourself, choose your devices wisely, and grasp this lucrative chance.
For comprehensive details and to submit your application, visit theBusiness Queensland website here.
Here’s to a brighter, more energy-efficient future for your business!