The Empowering Homes Program, once complete, could add significant volumes of battery storage to the NSW energy system and unlock up to $3.2 billion in clean energy investment. Minister for Energy Matt Kean said the loans will support homeowners as they transition to cleaner sources of energy and take control of their energy bills.
“I want to deliver a program that provides robust consumer protections in terms of safety, system performance and value for money,” Kean said.
Households with an income of up to $180,000 are eligible for the program, which seeks to provide interest-free loans of up to $9000 for a battery system or up to $14,000 for a solar-battery system.
The Government estimates that a household with a quarterly electricity bill of $500 could save up to $285 per annum on their bill whilst also repaying their loan, this saving could rise to over $2000 a year once the loan has been paid off.
Over the next 10 years, the NSW government believes it can support the installation of up to 300,000 solar-battery systems state-wide.
The implementation of this program is a step in the right direction for the NSW which has lagged behind states like South Australia and Queensland in promoting pro-solar policies.
John Grimes, CEO of the Smart Energy Council said that his organisation worked with both major political parties prior to the election to fine-tune their energy policies and believes the Empowering Homes program to be a good one. “This is a good initiative,” says Grimes, “and we’d like to work every closely with the NSW Government to make it as successful as possible.”
The NSW Government is seeking delivery partners for the program.
Householders can register interest in the Empowering Homes Program here.
Author: Blake Matich