From today, 40,000 South Australian households will have access to up to $6,000 in State Government subsidies, administered by RateSetter, to help pay for the installation of a home battery system.
This agreement between RateSetter and the South Australia Government will operate in conjunction with an agreement between RateSetter and the Clean Energy Finance Corporation (CEFC), who have committed $100 million to deliver additional low rate finance through RateSetter’s new South Australia-specific renewable energy lending market.
Participating households will be provided with the option to apply for a low rate loan to cover the unsubsidised costs of the battery system and rooftop solar, subject to credit approval.
Premier Steven Marshall said this $200 million investment is a central plank of his government’s plans to cut the price of electricity for South Australian households and businesses.
“This $200 million investment will deliver more affordable, reliable energy to South Australian households,” Premier Marshall said.
RateSetter CEO Daniel Foggo says the program is great news for SA households, helping to ease the burden of high energy bills and overcome upfront financial barriers that households often faced when accessing the installation of renewable energy products.
“RateSetter wants to make clean energy products more accessible and cost-effective for Australians,” Foggo said. “The Government of South Australia’s subsidy, CEFC’s cost-competitive finance and RateSetter’s streamlined customer offering will together provide a simple and fast way for homeowners to reduce their power bills and contribute to a reduced carbon footprint.”
RateSetter is well placed to act as both the scheme’s administrator and finance provider. We have facilitated more than $370 million in loans to over 27,000 borrowers, and have relationships with hundreds of renewable energy installers nationally, including most of Australia’s largest home solar and battery original equipment manufacturers and retailers.
RateSetter will enable South Australian retail investors and also institutional investors such as banks, credit unions and superannuation funds to invest in the program through the new lending market.
More information on the Home Battery Scheme is available at www.homebatteryscheme.sa.gov.au or call 8463 3555.