NSW to Release Details of Its Interest-Free Program for Solar and Storage Household Investments

Benjamin Franklin, New South Wales Parliamentary Secretary for Energy, says the details for the government’s latest interest-free loans program to boost household investment in solar and storage will be made public soon. He also emphasized that the federal Coalition should take the National Energy Guarantee seriously.

On Thursday, Franklin stated on the Australian Energy Storage Conference in Sydney that the urgent priorities for the re-elected Berejiklian Government include the Empowering Homes initiative, which was made public ahead of the election but still lacked some important details.

Renew Economy reported that the New South Wales Government will divert $50 million funding from a cancelled virtual power plant program in order to cover the amount of providing interest-free loans for the installation of residential rooftop solar and storage via the Empowering Homes program.

During the conference, Franklin mentioned, “This program will provide interest-free loans for owner-occupiers who want to install a battery or solar battery system in their home.”

He continued, “A new solar battery system could save a home, hundreds, if not thousands of dollars a year in their electricity bill, and importantly more storage will enable greater penetration of renewables in the grid, which reduces prices for everyone.”

“The program aims to unlock up to $302 billion in clean energy investment over the life of the program, supporting up to 3,000 MWh of storage into the New South Wales energy system when complete. I look forward to providing more information about this scheme as work progresses on its implementation,” he further added.

Franklin also re-emphasized the Government’s support for the National Energy Guarantee. He expressed the stand of the NSW Government that markets are essential to boost efficient investments in clean energy projects.

“We cannot address energy without addressing climate change,” he commented.

“The New South Wales Government continues to support the National Energy Guarantee. We will continue to support an effective and efficient national mechanism that integrates climate and energy policy, provides clarity, and reduces investment risk,” he added.

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