NSW rolls out solar loan scheme
The New South Wales Government has rolled out its 10-year, $3.2 billion Empowering Homes program to provide no-interest loans to allow households access to solar-battery and battery systems.
Premier Gladys Berejiklian said that the scheme will unlock an estimated $3.2 billion in renewables investment while also driving down energy costs across the state.
It is estimated that a family with a $500 quarterly electricity bill could save up to $285 a year on their bills while repaying the no interest loans. These savings could increase to more than $2,000 a year when the loan is fully repaid. Households with quarterly energy bills of $625 could save up to $457 a year while repaying the no-interest loans, and up to $2,200 a year when the loan is fully repaid. Households with quarterly energy bills of $875 could save up to $640 a year while repaying the loans, and up to $2,390 when the loan is repaid. When the program is fully rolled out, these batteries will add up to 3,000 megawatt hours of storage to our energy system. To be eligible for the scheme, applicants will need to be owner-occupiers of a house with an annual household income of up to $180,000. Loans of up to $9,000 per battery system and up to $14,000 per solar-battery system will be available. Delivery partners for the program will be selected through a competitive tender process to ensure households receive high quality and cost effective systems, with only approved accredited installers able to participate in the program.