Up to 300,000 households across NSW could save hundreds of dollars on their power bills thanks to a no-interest loan provided by the NSW Liberals & Nationals Government to purchase solar-battery and battery systems.
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. This initiative is only made possible due to the strong economic management of the NSW Liberals & Nationals.
“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.
“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.”
Treasurer Dominic Perrottet said bringing down the cost of power bills is a priority of the NSW Liberals and Nationals.
“Families across the state will be able to take control of their energy bills and potentially save thousands of dollars a year,” he said.
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 $2,000 a year when the loan is fully repaid.
Households with quarterly energy bills of $625 could save up to $457 a year while repaying the no-interest loans, and up to $2,200 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 $2,390 when the loan is repaid.
When the program is fully rolled out, these batteries will add up to 3,000 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 $9,000 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 as part of the roll out which will create jobs and encourage innovation.
In recent months the NSW Government has helped households and businesses right across the State with their power bills by:
- Boosting energy rebates by 20 per cent for around 900,000 households;
- Helping households save on average over $400 on their annual electricity bills by switching to a better electricity deal through Service NSW’s free Energy Switch service; and
- Allocating funding from the Government’s $1.4 billion Climate Change Fund to help thousands of households and businesses to transition to energy efficient and lower emissions technologies.
The Empowering Homes program is another NSW Liberals & Nationals commitment to more affordable, reliable and cleaner power.