NSW Budget: Solar and battery scheme to help reduce bills
NSW households are being encouraged to register their interest in the Empowering Homes program, which could save up to 300,000 households hundreds of dollars on their power bills.
Minister for Energy Matt Kean said the program will support the roll out of solar-power and battery systems across NSW by providing access to interest-free loans, unlocking up to $3.2 billion of clean energy investment.
“Through the Empowering Homes program we could see up to 3,000 megawatt hours of battery storage added to the NSW energy system,” Mr Kean said.
“That’s enough stored electricity to run the Sydney Trains network for up to two days straight.
“For owner-occupiers with an annual household income of up to $180,000, the 2019-20 NSW Budget will make available interest-free loans of up to $9,000 for a battery system or up to $14,000 for a solar-battery system.
“These loans will support more homeowners to make the transition to cleaner energy and take control of their energy bills.”
Treasurer Dominic Perrottet said the Liberals & Nationals Government is committed to helping ease cost of living pressure for NSW households.
“It’s 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 loan, and savings could increase to more than $2,000 a year when the loan is fully repaid,” Mr Perrottet said.
“As more homes take up solar-battery use, we’ll also be improving energy security and reliability throughout NSW by reducing peak demand on the grid and putting downward pressure on prices for everyone.”
Mr Kean said the Government will shortly be seeking delivery partners for the program and interested homeowners are invited to register their interest online. It is expected battery and solar battery systems will be available for installation from summer 2019-20.
“I want to deliver a program that provides robust consumer protections in terms of safety, system performance and value for money.”
All applications will be subject to responsible lending criteria as part of the program requirements. NSW households can register their interest in the program.