Home Electrification Funding - 21 November 2024
As we enter a likely long, hot summer, how can Australians stay cool and keep home temperatures and energy bills as low as possible? Australian rooftop solar is the cheapest home energy in the world. With solar panels, a battery, electric appliances and an electric car, a home can run on $560 a year, a tenth of the cost of having gas appliances, a petrol car and no solar—a tenth! But how do you get there?
A group of Curtin volunteers worked for 12 months to generate a detailed report called Curtin's pathway to net zero. One community-driven project that evolved out of Curtin net zero was a comprehensive website that helps households electrify efficiently. Check it out at electrifycurtin.com.au. However, a community website is not enough for the massive task ahead. Government support is needed to speed up electrification and to make it available for everyone. The good news is that there are low-interest loans supported by the government for this purpose. In May 2023, the government announced a billion-dollar allocation for a new household energy upgrades fund to help Australians efficiently electrify their homes. The bad news is that these loans are a well-kept secret. Only a third of the funding has been allocated. We need other ways to use the allocated funding for better access and equity.
This fund needs a much more effective public campaign so that Australians know how to access it. It's been allocated to Plenti and Westpac, and soon ING, to offer discounted rate loans of up to $50,000 to home or investment property owners to make energy-efficient upgrades such as rooftop solar, home battery, EV charging or hot water heat pumps. We've added some information about accessing this on our Electrify Curtin website for constituents who own property, but only $300 million of the billion dollars has been allocated through these providers so far. We need to do this now so Australians and the climate can reap the benefits.
For the remaining $700,000, the fund needs a shake-up for access and equity. It shouldn't just be for those lucky enough to have a home loan with the right bank. The remaining funds should be deployed through a broader range of channels and structures. The government should consider zero-interest loans, or deferred loans repayable when your house is sold, or access through other channels like state government agencies, local governments or larger installers. Where the cost of living or rising temperatures are the top of mind, now is the time for faster and fairer electrification. The government has a great opportunity to rejig the Household Energy Upgrades Fund to ensure better access and equity.