A $50 million funding boost to the Federal Government’s Household Energy Upgrades Fund (HEUF) will allow more households to access lower cost loans to make energy efficient upgrades.
The funding commitment from the Clean Energy Finance Corporation (CEFC) will provide $50 million to Bank Australia and support up to $100 million in green loans.
It is the fourth allocation under the $1 billion fund established to turbocharge discount financing options for home energy performance upgrades, partnering with banks and other lenders on upgrading homes to keep them warmer in winter and cooler in summer.
The Federal Government said research shows that even basic energy saving upgrades can save households between 18 and 31 per cent off their energy bills, while a comprehensive retrofit could save up to $1600 a year.
The HEUF is expected to help more than 110,000 Australian households to lower their energy bills through lower cost loans.
Federal Minister for Climate Change and Energy, Chris Bowen, said the Federal Government is helping Australian homeowners bring down their energy bills for good, with better access to reliable renewables and energy performance improvements.
“Our latest HEUF investment with Bank Australia will ensure more Australians put solar panels on their roof or a battery at their back door, give them more opportunities to benefit from the energy transformation and ease cost-of-living pressures.”
Federal Assistant Minister for Climate Change and Energy, Josh Wilson, said the latest investment from the Federal Government’s $1 billion HEUF initiative demonstrates its commitment to backing in clean energy technologies that provide real world benefits for the average Australian household.
“Australia already leads the world in improving homes with green energy like solar that helps save money, and this initiative will allow many more people to reap the benefits of these home infrastructure upgrades.”
