Following the recent NSW State Election, Premier Gladys Berejiklian has maintained her State Leadership for a consecutive term in office.
Prior to the election, Premier Berejiklian made commitments to homeowners to install solar with loan schemes. Here’s all the information you need to understand the election commitments.
Empowering Homes Program
Over the next ten years, eligible NSW homeowners will have the opportunity to access no-interest loans for solar products through a newly-created Empowering Homes Program.
This $3.2 billion-dollar program will be how up to 300,000 homeowners will gain access to apply for the loan and where stages will be released for the next ten years.
Eligibility to access the loans
Homeowners must meet certain eligibility criteria to be able to apply for a no-interest loan and will be means-tested.
The eligibility criteria will relate to the annual homeowners’ income for the last financial year, if there is any current installation and the products to be installed.
Products to claim for no-interest loans
Under the Empowering Homes Program, eligible homeowners will be able to apply for a no-interest loan for:
- Solar panels
- Solar battery storage systems
Over 500,000 NSW homes already have solar panels installed at their properties.
Solar battery systems are the latest advancement in solar technology, allowing you to use excess energy your solar system has generated in the evening, rather than feeding this in from the grid at peak rates.
Who can install your solar to ensure you remain eligible?
In order to ensure that your solar installation remains eligible, you must ensure that the system is only installed by an accredited installer.
To choose the best installers for the job, there will be a tender process which will take place, and once this has been finalised, will be publicly released.
… apply for loans of up to $14,000 for an eligible solar panel and battery storage system.
Value of the no-interest loans
Although there has not been any new information released since the no-interest loan scheme was first announced, eligible homeowners will have the opportunity to apply for loans of up to $14,000 for an eligible solar panel and battery storage system.
Similar solar programs designed to make the switch to solar attainable
In August 2018, Victorian Premier Daniel Andrews announced and released a new solar rebate program Solar Homes Program which will give 750,000 Victorian properties the opportunity to install solar products to decrease energy bills.
Eligible Victorians can claim a rebate over the next ten years for solar panels and solar battery storage.
The rebate program is means-tested and is being rolled out through different stages.
How does solar work?
Unsure how solar works and how to make the switch? Over 2 million Australian households have already installed solar and more are occurring daily, thanks to generous rebate and subsidy programs offered throughout the country.
Watch our explainer video below.