{"id":31321,"date":"2019-06-24T06:40:12","date_gmt":"2019-06-23T20:10:12","guid":{"rendered":"https:\/\/www.solarquotes.com.au\/blog\/?p=31321"},"modified":"2024-06-05T11:30:23","modified_gmt":"2024-06-05T02:00:23","slug":"nsw-solar-battery-loans-mb1105","status":"publish","type":"post","link":"https:\/\/www.solarquotes.com.au\/blog\/nsw-solar-battery-loans-mb1105\/","title":{"rendered":"NSW Solar-Battery Interest Free Loans Update"},"content":{"rendered":"
\"NSW

Image: Energy NSW<\/p><\/div>\n

The NSW Government has flagged its interest-free solar-battery loans program – Empowering Homes – could commence towards the end of this year.<\/p>\n

The initiative will support the installation of up to 300,000 battery and solar + battery storage systems over the next decade through the provision of interest-free loans to eligible residents.<\/p>\n

Up to $9,000 for a battery system or up to $14,000 for a solar-battery system will be available to owner-occupiers with an annual household income of up to $180,000.<\/p>\n

The State Government says Empowering Homes could unlock up to $3.2 billion in investment and see up to 3,000 megawatt hours of battery storage added to New South Wales’ energy system when complete.<\/p>\n

Empowering Homes was a commitmen<\/a>t made in the lead-up to the NSW state election earlier this year.<\/p>\n

The first systems under Empowering Homes should be installed between December this year and February next year. The New South Wales government will soon be seeking delivery partners for the program.<\/p>\n

\u201cI want to deliver a program that provides robust consumer protections in terms of safety, system performance and value for money,\u201d said<\/a> NSW Minister for Energy Matt Kean.<\/p><\/blockquote>\n

If it’s value for money that Minister Kean is wanting, perhaps making the program solar-only would have been the way to go; at least initially.<\/p>\n

As mentioned back in February when this was originally pledged, while the cost of solar batteries will drop in the years ahead, at this point in time batteries will still not pay for themselves<\/a> before warranty expiry.<\/p>\n

The NSW Government statement also offers figures on energy bill savings on solar + storage – but this is blended payback<\/a>. Adding batteries as part of a solar power installation has a negative impact on solar-only’s rapid payback. Simple payback on a 6.5kW solar system<\/a> in Sydney<\/a> currently just 4.6 years.<\/p>\n

The NSW Government says the initiative will also reduce emissions, but as SQ\u2019s Ronald has pointed out, it’s solar power that is the heavy lifter – batteries don’t reduce emissions<\/a>.<\/p>\n

RenewEconomy revealed earlier this month<\/a> $50 million is being redirected from a cancelled virtual power plant program to cover the costs of\u00a0 the NSW Empowering Homes Program.<\/p>\n

There’s still a lot of detail yet to be revealed about Empowering Homes, and that won’t be released until later this year.<\/p>\n

NSW Home Solar Power Status<\/h2>\n

Around 19% of dwellings in New South Wales had solar panels installed (Source: APVI<\/a>) as at March this year, behind Queensland (34.1%), South Australia (33.5%) and Western Australia (27.6%). Victoria was sitting behind New South Wales at 16.9%, but VIC could rapidly close that gap with its very generous Solar Homes Package<\/a> rebate (now a subsidy) program for PV, which is set to restart in a week’s time<\/a> and will also offer interest-free loans.<\/p>\n","protected":false},"excerpt":{"rendered":"

The NSW Government has flagged its interest-free solar-battery loans program – Empowering Homes – could commence towards the end of this year.<\/p>\n","protected":false},"author":17,"featured_media":31322,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[678],"tags":[],"class_list":["post-31321","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solar-battery-news","entry"],"acf":[],"yoast_head":"\nNSW Solar-Battery Interest Free Loans Update - SolarQuotes Blog<\/title>\n<meta name=\"description\" content=\"The NSW Government has flagged its interest-free solar-battery loans program - Empowering Homes - could commence towards the end of this year.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.solarquotes.com.au\/blog\/nsw-solar-battery-loans-mb1105\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NSW Solar-Battery Interest Free Loans Update\" \/>\n<meta property=\"og:description\" content=\"The NSW Government has flagged its interest-free solar-battery loans program - 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