The 2023 Australian Federal Budget has brought good news for homeowners looking to invest in solar power, as the government announced the introduction of the $1.3 billion Household Energy Upgrades Fund.
This fund aims to provide low-interest loans to Australian wanting to make energy-saving upgrades to their homes, facilitates energy performance upgrades for social housing, and help Australian homeowners save on their energy bills.
While the announcement is fresh and details on the Household Energy Upgrades Fund are still light, here’s what we do know.
- $1.3 billion allocated to new Household Energy Upgrades Fund in 2023 Federal Budget
- Low interest loans for solar will soon become available
- Large investment to upgrading social housing locked in
Household Energy Upgrades Fund
The Australian government has allocated a generous $1.3 billion to the Household Energy Upgrades Fund, which is divided into two main components:
- Low-Interest Solar Loans and Home Upgrades: The government has allocated $1 billion to the Clean Energy Finance Corporation (CEFC) to unlock more than 110,000 low-interest loans for energy-saving home upgrades. These loans will be provided in partnership with private lenders.
- Social Housing Energy Performance Upgrades: The government will invest $300 million to partner with states and territories to improve the energy performance of social housing properties.
The introduction of low-interest solar loans in Australia could significantly boost the adoption of solar power systems and energy-efficient appliances among homeowners, while the investment in social housing upgrades will help reduce energy consumption and provide savings for tenants.
Low Interest Loans
The Household Energy Upgrades Fund allocates $1 billion to the Clean Energy Finance Corporation (CEFC) for unlocking over 110,000 low-interest loans for energy-saving home upgrades.
This initiative is a collaboration between the Government and private lenders to provide affordable financing for energy efficiency improvements.
These Federal solar loans in Australia are designed to help homeowners upgrade their homes with energy-saving technologies such as:
- Battery-ready solar PV,
- Modern appliances,
- Double glazed windows;
- and other improvements.
These upgrades not only make homes more comfortable but also contribute to reducing greenhouse gas emissions.
The eligibility criteria for these low-interest solar loans in Australia have not been finalised, but the CEFC and finance providers will work together to establish the guidelines. The scheme is expected to start in 2024.
- Huge updates to Federal and State Government Rebates affecting how much you get back for solar in 2023
- Cost of energy impacting repayment periods
- Solar products that could shake up 2023
Social Housing Upgrades
In addition to low-interest solar loans, the Household Energy Upgrades Fund will provide $300 million to partner with states and territories to upgrade the energy performance of social housing.
Australia’s social housing stock is known to be energy inefficient, with most properties built before the introduction of minimum building standards.
The energy investment in social housing is expected to reduce energy consumption by one-third for residents of 60,000 social housing properties, offering significant savings on energy bills.
Benefits of the Household Energy Upgrades Fund
The Household Energy Upgrades Fund could be a significant step forward for Australia’s energy efficiency and sustainability efforts. The benefits of this fund include:
- Access to low-interest solar loans in Australia for energy-efficient home upgrades,
- Improved living conditions for social housing residents,
- Reduced energy bills for homeowners and renters,
- Decreased greenhouse gas emissions and increased energy independence,
- Stimulating the local economy through job creation in the renewable energy sector.
A Bright Future for Australian Homeowners
The 2023 Australian Federal Budget’s Household Energy Upgrades Fund could bring with it a lot of opportunity for Aussie homeowners and social housing tenants alike.
By providing low-interest solar loans in Australia and investing in social housing energy performance upgrades, the government is giving Australians more opportunity to generate their own renewable energy and cut down on their energy bills.
If this scheme interests you then keep checking, we’ll be updating our readers as more information comes to light.
And, if you are considering investing in solar power for your home right now, be sure to get 3 quotes from trusted local installers by using our easy form!
Solar Market can assist businesses with obtaining quotes from qualified and eligible suppliers under the WA Charge Up Workplace Grants Program. Fill out the form in the top right corner of this page and we’ll connect you with 2 trusted local suppliers who can quote you on your new EV charging set up.
