The New South Wales government has called for industry feedback on its zero-interest loan program, that will offer up to $9,000 in finance for a home battery system, and up to $14,000 for solar plus storage.
Details of the Empowering Homes program were published in a ‘market sounding’ paper released this week by the NSW Department of Planning and Environment, offering a first look at the design of the loans scheme, announced in February.
It reveals that access to the loans will be limited to home owner-occupiers with a combined household income of up to $180,000, and applications will be restricted to 8,000 in the first year.
The NSW government is also planning to take a hands-off approach to running the program, and so is seeking expressions of interest from potential administrators, as well as for a financial service provider for the loans.
Ultimately, the program aims to support the installation of up to 300,000 solar and battery systems over the course of a decade, with the loans repaid through savings on household energy costs.The government has stopped short, however, of guaranteeing that the cost benefits of the solar and battery systems will balance out the loan repayments.
“While households should be able to make energy bill savings from their system, it should be clear that the NSW Government does not guarantee that these savings will be equivalent to or exceed the loan repayments,” the document says.
“Delivery partners and approved system suppliers must be mindful of sales claims about any net savings in energy costs in their marketing materials.”