The ACT government has released the guidelines for the $150m Sustainable Household Scheme, which will provide zero-interest loans for energy-efficient upgrades.
The scheme will enable eligible households to access loans worth $2,000 to $15,000 that can be used for the upfront costs of investing in energy-efficient home upgrades. These loans will be repaid in over 10 years and will not have any fees.
Borrowers can borrow above the $15,000 limit but the approval will be based on their credit checks. However, the loan provider might charge interest for any funds borrowed above the limit.
Eligible energy-efficient upgrades include the following:
- Rooftop solar panels
- Household battery storage systems
- Electric heating and cooling systems
- Hot water heat pumps
- Electric stove tops
- Electric vehicles
- Electric vehicle charging infrastructure
- Installation costs for these products.
“The government is in the final stages of the procurement process to engage a loan provider and will also invite the initial group of registered homeowners, who have already completed an Actsmart workshop, to take part in a pilot before the end of June,” said Andrew Barr, chief minister of the ACT.
Barr said the scheme is a key component of the government’s strategy to tackle climate change while supporting households to reduce their power bills and growing jobs in the renewable energy industry.
The updated guidelines can be found here.
Get help with your investment property
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we’ll then arrange for a local mortgage broker to contact you and work out what features or types of loans are right for your needs. We’ll even help with the paperwork. Plus an appointment is free.