NSW readies to launch interest-free solar battery loan program

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Announced in the lead-up to the state election this year, the Empowering Homes Program promises interest-free loans of up to $9000 for a battery system or up to $14,000 for a solar and battery systems to households with a combined income of up to $180,000. In the latest update, the government said it would shortly be seeking delivery partners for the program.

The program will support the installation of battery and solar-battery systems in up to 300,000 households over the next ten years. Once complete, it is expected to add up to 3000 MWh of storage into the NSW energy system.

According to the government calculations, a household with a $500 quarterly electricity bill could save up to $285 a year on their bills while repaying the no-interest loan. However, savings could increase to over $2000 a year once the loan is repaid, it says in a statement without specifying the size or type of PV or battery systems to be installed.

“I want to deliver a program that provides robust consumer protections in terms of safety, system performance and value for money,” Minister for Energy Matt Kean said.

It is expected that the first battery or solar-battery systems will be available for installation in summer 2019/2020. Overall, the program aims to unlock up to $3.2 billion in clean energy investment. While further details are to be revealed in the coming moths, NSW residents are invited to register their interest in the program here.

In an announcement accompanying the release of its first budget since its re-election, the government said it is allocating $65.4 million over four years to support the rollout of the Empowering Homes Program.