Solar loans

New Energy Upgrades Fund for Australian Households

On 31st May 2024, The Hon Chris Bowen MP, Minister for Climate Change and Energy, and Senator The Hon Jenny McAllister, Assistant Minister for Climate Change and Energy, announced that Australian households now have increased access to discounted green loans for energy upgrades through the Household Energy Upgrades Fund (HEUF).

Aim of the Fund

The Albanese Government's $1 billion HEUF aims to make homes and businesses more energy efficient, thereby reducing the cost of living and easing financial pressure on Australians.

  • Funding Details

    The first round of funding, amounting to $60 million, is being delivered through the Clean Energy Finance Corporation (CEFC) and lender Plenti. This funding will support cheaper finance for rooftop solar, home batteries, and other energy efficiency upgrades for Australian homes.

  • Impact and Benefits

    The investment is expected to help over 110,000 Australian households lower their energy bills by making lower cost loans available.

    Race for 2030 analysis found that even a basic retrofit can save between 18 and 31 percent, while a comprehensive retrofit could save up to $1600.

  • Loan Details

    Plenti will offer green loans to households with interest rate discounts of up to 2.74% per annum and as much as 3.34% per annum if households sign up to a virtual power plant plan.

    Applications for these loans will open on 5th June through Plenti.

Making the most of the fund

If you are interested in taking advantage of the new Household Energy Upgrades Fund (HEUF) to install solar please feel free to contact us for more information. Our team is dedicated to helping you navigate the process and make the most of this opportunity.

Whether you have questions about the application process, product options, or installation details, we are here to assist you every step of the way.

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Clean energy loans

Clean Energy Loans or Green Loans are specifically designed for purchasing renewable energy products.

If you’re unable to pay with cash or refinance your current home loan, then a green personal loan may be your best option – so long as you find one that offers a better rate than a standard personal loan.

Advantages of Green Loans for Financing Solar PV Systems

  • Purpose-Specific Financing

    Green loans are designed specifically to finance environmentally friendly projects, such as solar PV systems, ensuring that the financing terms are suitable for the investment.

  • Potentially Lower Interest Rates

    Many financial institutions offer green loans at lower interest rates compared to standard personal loans due to their contribution to environmental sustainability.

  • Longer Loan Terms

    Green loans may offer longer repayment terms, which can make monthly payments more manageable. This can be particularly beneficial for solar PV systems, which are long-term investments.

  • Energy Savings

    Solar PV systems can significantly reduce electricity bills, and the savings can be used to pay off the loan. In some cases, the reduction in energy costs can be greater than the monthly loan repayment, making the investment cash flow positive.

  • Supporting Renewable Energy Transition

    By financing a solar PV system with a green loan, you are supporting the broader transition to renewable energy sources. This helps in reducing reliance on fossil fuels and combating climate change.

  • Government Discounts on Green Loans

    The Albanese Government's $1 billion Household Energy Upgrades Fund (HEUF) is providing Australian households with greater access to discounted green loans for energy upgrades. The first $60 million allocation will allow Plenti to offer green loans to households with interest rate discounts of up to 2.74% per annum.
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