{"id":86150,"date":"2024-08-20T06:03:05","date_gmt":"2024-08-19T20:33:05","guid":{"rendered":"https:\/\/www.solarquotes.com.au\/blog\/?p=86150"},"modified":"2025-03-12T10:43:10","modified_gmt":"2025-03-12T01:13:10","slug":"energy-efficiency-loans-westpac-mb2989","status":"publish","type":"post","link":"https:\/\/www.solarquotes.com.au\/blog\/energy-efficiency-loans-westpac-mb2989\/","title":{"rendered":"Westpac Launching Low-Interest Sustainable Home Upgrades Loans"},"content":{"rendered":"<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-86151\" src=\"https:\/\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2024\/08\/energy-efficiency-loans.jpg\" alt=\"Westpac energy efficiency loans\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2024\/08\/energy-efficiency-loans.jpg 1200w, https:\/\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2024\/08\/energy-efficiency-loans-300x158.jpg 300w, https:\/\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2024\/08\/energy-efficiency-loans-1024x538.jpg 1024w, https:\/\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2024\/08\/energy-efficiency-loans-768x403.jpg 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p>The first low-interest bank loans supported by the Clean Energy Finance Corporation&#8217;s (CEFC&#8217;s) Household Energy Upgrades Fund (HEUF) will be available from next week to eligible Westpac home loan customers.<!--more--><\/p>\n<p>The federal government backed $1 billion <a href=\"https:\/\/www.cefc.com.au\/where-we-invest\/special-investment-programs\/household-energy-upgrades-fund\/\">HEUF<\/a> is focused on assisting homeowners accelerate performing energy-efficiency upgrades to their homes. This is particularly important given millions of Australia&#8217;s houses were built before sustainability measures such as energy standards were introduced. The minimum energy standard for new homes in Australia is 7-stars currently, but homes built before 2003 have an average rating of just 1.5 stars.<\/p>\n<p>While new homes are faring much better these days on energy efficiency, there is <a href=\"https:\/\/www.solarquotes.com.au\/blog\/energy-efficiency-australian-homes-mb2985\/\">still room for improvement<\/a>. And with so many old and new homes having a dizzying array of appliances, gadgets and gizmos; opportunities for boosting energy efficiency should be pursued where possible and viable. This includes solar households &#8211; particularly when the &#8220;sun ain&#8217;t shining&#8221; as they still often pay through the nose for mains-supplied electricity during these periods, or use more self-generated solar energy than needed that could be directed to other applications.<\/p>\n<p>There&#8217;s certainly appetite among Australians for improving their home&#8217;s energy efficiency. According to Westpac:<\/p>\n<ul>\n<li>38% of Australians would consider <a href=\"https:\/\/www.solarquotes.com.au\/solar101.html\"> installing solar panels<\/a> on their home.<\/li>\n<li>27% would consider <a href=\"https:\/\/www.solarquotes.com.au\/101-guides\/buying-batteries\/\">buying a solar battery<\/a>.<\/li>\n<li>25%: switching to solar hot water.<\/li>\n<li>23%: installing insulation.<\/li>\n<li>22%: double-glazed windows.<\/li>\n<\/ul>\n<p>It can be a long way from considering these upgrades to taking action. Low interest loans and other <a href=\"https:\/\/www.solarquotes.com.au\/solarfinance.html\">financing options<\/a> done right can help get households over the line.<\/p>\n<p>From next Monday, Westpac owner-occupier and investor home loan customers will be able access a variable interest rate of 4.49% p.a. for a loan to improve a home&#8217;s energy efficiency or climate resilience. Customers will be able to apply to borrow from $4,000 up to $50,000 with a loan term of up to ten years.<\/p>\n<blockquote><p>&#8220;We recognise more Australians want to play their part to reach a net zero future, and that starts at home,&#8221; <a href=\"https:\/\/www.westpac.com.au\/about-westpac\/media\/media-releases\/2024\/18-August\/\">said<\/a> Westpac&#8217;s Jason Yetton.<\/p><\/blockquote>\n<p>But for many families struggling with the cost of living, environmental warm and fuzzies would take a back seat to the opportunity of saving serious cash on their energy-related outgoings.<\/p>\n<p>A CEFC investment of $160 million in the scheme will mean Westpac is ready to fund at least $320 million worth of Sustainable Upgrades loans.<\/p>\n<blockquote><p>&#8220;We expect to leverage Westpac\u2019s significant share of the home lending market and strong mortgage customer base to further develop the home energy upgrades ecosystem and deliver real impact,&#8221; <a href=\"https:\/\/www.cefc.com.au\/media\/media-release\/cefc-announces-160m-heuf-finance-to-deliver-low-rate-green-home-loan-with-westpac\/\">said<\/a> CEFC Executive Director Richard Lovell.<\/p><\/blockquote>\n<p>Westpac\u2019s share of the home loan market was pegged at <a href=\"https:\/\/www.afr.com\/companies\/financial-services\/westpac-hits-market-share-high-in-mortgages-20231002-p5e92k\">21.4 per cent last year<\/a>.<\/p>\n<h2>Eligible Energy Efficiency Upgrades<\/h2>\n<p>Customers will have a number of upgrade options that could be funded to choose from. Currently, Westpac lists:<\/p>\n<ul>\n<li>Approved solar power systems equal to or greater than 5kW capacity.<\/li>\n<li>Solar batteries on the Clean Energy Council&#8217;s list of approved batteries.<\/li>\n<li>Approved solar hot water systems &#8211; including the costs for removal of gas connections and appliances.<\/li>\n<li>Approved\u00a0<a href=\"https:\/\/www.solarquotes.com.au\/hot-water\/heat-pump\/\">heat pump hot water systems<\/a> &#8211; also including the cost of ditching of gas connections and appliances.<\/li>\n<li>Air conditioners &#8211; as above.<\/li>\n<li>Induction cooktops\u202f\u202f- as above.<\/li>\n<li>Insulation with minimum thermal performance of R2.5 for underfloor and walls; R4\/R5 for ceiling (R value depends on state).<\/li>\n<li>Double glazed windows with a Window Energy Rating Scheme (WERS) U-value of 4.0.<\/li>\n<li><a href=\"https:\/\/www.solarquotes.com.au\/ev-chargers\/#choosing\">Level 2 EV chargers<\/a>.<\/li>\n<li>Pool pumps with a minimum 6-star energy rating.<\/li>\n<\/ul>\n<p>Also eligible are selected climate resilience upgrades related to mitigating bushfire, flood, storm and cyclone risks.<\/p>\n<p>As with any loan offer, <a href=\"https:\/\/www.westpac.com.au\/personal-banking\/home-loans\/sustainable-upgrades-home-loan\/eligible-upgrades\/\">there are various other conditions<\/a>; but nothing that at first blush seems too onerous. But do bear in mind this is a variable interest rate loan that could fluctuate over time.<\/p>\n<p>There&#8217;s also freedom of choice in terms of the companies loan customers can purchase their upgrades from; assuming suppliers, installers and equipment meet basic criteria. But this also means more due diligence is required when making a purchase decision &#8211; and the SolarQuotes guides linked to above can help there.<\/p>\n<p>Commenting on the initiative, Federal Assistant Minister for Climate Change and Energy Josh Wilson <a href=\"https:\/\/minister.dcceew.gov.au\/bowen\/media-releases\/joint-media-release-160-million-deliver-energy-savings-households\">stated<\/a>:<\/p>\n<blockquote><p>\u201cThis investment will help people with older homes and appliances that don\u2019t meet modern energy standards to upgrade and keep money from leaking out the door.\u201d<\/p><\/blockquote>\n<p>&#8230; or leaking out the window, ceiling, or walls &#8211; or to energy retailers.<\/p>\n<p>If you&#8217;re interested in finding out how much home energy storage and\/or solar could save you, try SolarQuotes&#8217; easy-to-use <a href=\"https:\/\/www.solarquotes.com.au\/solar-calculator\/\">solar and battery calculator<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The first low-interest bank loans supported by the Clean Energy Finance Corporation&#8217;s (CEFC&#8217;s) Household Energy Upgrades Fund (HEUF) will be available from next week to eligible Westpac home loan customers.<\/p>\n","protected":false},"author":17,"featured_media":86151,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[678],"tags":[],"class_list":["post-86150","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solar-battery-news","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium 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customers.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.solarquotes.com.au\/blog\/energy-efficiency-loans-westpac-mb2989\/\" \/>\n<meta property=\"og:site_name\" content=\"SolarQuotes Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/SolarQuotes\/\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-19T20:33:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-03-12T01:13:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2024\/08\/energy-efficiency-loans.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Michael Bloch\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@solar_quotes\" \/>\n<meta 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