The Federal Government is supporting Australians to make energy efficiency upgrades to their homes, with a $160 million commitment to Westpac’s Sustainable Upgrades Home Loan.
Funding for the program is through the Clean Energy Finance Corporation (CEFC) and continues the roll out of finance from the $1 billion Household Energy Upgrades Fund (HEUF) that aims to help homes become more energy efficient and ease the cost of living.
The Federal Government said that the HEUF is expected to help more than 110,000 Australian households to lower their energy bills through making lower cost loans available.
The Westpac Sustainable Upgrades home and investor loans will be available to eligible home loan customers wanting to improve the energy efficiency of their homes and includes installation of solar panels, batteries, hot water heat pumps, electric vehicle chargers, double-glazed windows and insulation.
Federal Minister for Climate Change and Energy, Chris Bowen, said the $160 million commitment would unlock savings for households.
“This innovative collaboration will give Australians more opportunities to benefit from the energy transition and ease cost-of-living pressures,” Mr Bowen said.
“These competitive-rate loans will give customers the freedom to choose how to upgrade their homes and to make them more energy efficient and save on their bills.”
Federal Assistant Minister for Climate Change and Energy, Josh Wilson, said, “Making homes and businesses more energy efficient is one important way we can ease the cost of living, take pressure off Australians and reduce emissions.
“This investment will help people with older homes and appliances that don’t meet modern energy standards to upgrade and keep money from leaking out the door.”
The first commitment from the HEUF in May 2024 committed $60 million through lender Plenti to support cheaper finance for energy efficiency upgrades.
The Westpac loans will launch with the variable interest rate of 4.49 per cent.
Image credit: Sutthiphong Chandaeng/Shutterstock.com.
