Up to 300,000 households across New South Wales will have access to a new interest-free loan from the State Government to install solar and battery, or just battery systems in their homes.
Premier Gladys Berejiklian today announced the 10-year Empowering Homes program, which will unlock a $3.2 billion investment in renewables and give families the opportunity to install solar energy and battery storage systems that will also help cut emissions.
“We’ve been working hard to ease cost of living pressures for families and this is a major initiative that households can use to help reduce their power bills,” Ms Berejiklian said.
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“Embracing new technology is a good way for many people to access cheaper energy – putting more money back into the pockets of hard working households.”
Energy Minister Don Harwin said the program was designed to bring down the cost of power bills, while allowing more households to access affordable solar technology.
“More than 400,000 households and small businesses in NSW are already benefitting from solar power. This new program will help up to a further 300,000 households over 10 years reap the benefits of solar with no interest loans for solar energy and battery storage systems,” Mr Harwin said.
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 $2000 a year when the loan is fully repaid.
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Households with quarterly energy bills of $625 could save up to $457 a year while repaying the no-interest loans, and up to $2200 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 $2390 when the loan is repaid.
When the program is fully rolled out, these batteries will add up to 3000 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 $9000 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.
The Government will also use this program to encourage battery manufacturing in NSW.
The announcement comes as the NSW Opposition has promised if elected on March 23, it will offer up to $2,200 for 500,000 families to install solar.
Solar Citizens director Joseph Scales said NSW households preferred grants over loans and Labor’s policy was a better way to support people to take up solar and tackle high energy prices.