The NSW Government has announced several key initiatives to promote renewable energy investment in the state, with a focus on household energy bills and transitioning to cleaner generation sources.
Key highlights from the Budget for energy include:
- $1.1 billion over four years to support around 900,000 low income households to manage cost of living pressures through energy rebates.
- $295.4 million under the $1.4 billion Climate Change Fund to help communities and businesses adapt to a changing climate and minimise climate change impacts.
- $65.4 million over four years to support the roll-out of 300,000 solar panel and battery systems for households under the Empowering Homes Program.
- $30 million for the Regional Community Energy Program to fund community projects in regional NSW to improve reliability and affordability.
- $30 million over four years to co-fund new on-demand clean energy projects with the private sector through the Emerging Energy Program and pilot initiatives to recycle and re-use materials in solar and battery systems.
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New South Wales Minister for Energy Matt Kean said the 2019-20 NSW Budget demonstrates a strategic response to energy security and climate change to ensure NSW can transition to a cleaner energy future.
“This year’s Budget reflects the NSW Liberals & Nationals commitment to meeting our target of net zero emissions by 2050,” Mr Kean said.
“Funding will support communities throughout NSW to tap into clean energy, help homeowners take control of their energy bills, and enable more communities and businesses to adapt to a changing climate.”
“NSW is already embracing renewable energy and we want to make sure more households and small business are able to take advantage of this opportunity to bring their energy costs down.”
New South Wales residents are being encouraged to register their interest in the Empowering Homes program.
“For owner-occupiers with an annual household income of up to $180,000, the 2019-20 NSW Budget will make available interest-free loans of up to $9,000 for a battery system or up to $14,000 for a solar-battery system,” Mr Kean said.
“These loans will support more homeowners to make the transition to cleaner energy and take control of their energy bills.”
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Treasurer Dominic Perrottet said the Liberals & Nationals Government is committed to helping ease cost of living pressure for NSW households.
“It’s 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 loan, and savings could increase to more than $2000 a year when the loan is fully repaid,” Mr Perrottet said.
“As more homes take up solar-battery use, we’ll also be improving energy security and reliability throughout NSW by reducing peak demand on the grid and putting downward pressure on prices for everyone.”
Mr Kean said the Government will shortly be seeking delivery partners for the program and interested homeowners are invited to register their interest online. It is expected battery and solar battery systems will be available for installation from summer 2019-20.