The Energy Security Corporation (ESC) is supporting the delivery of the NSW Government's Home Energy Saver loan program, a major new initiative expected to help around 32,000 households invest in energy saving home upgrades and deliver an estimated $766 million in household benefits.
In its inaugural Home Energy Saver loan investment, the ESC will work with finance providers Brighte and Plenti to provide zero-interest loans to make it easier for NSW households to make home energy upgrades.
The ESC has committed an initial $50 million to each lender. Brighte and Plenti will be responsible for assessing customer applications, approving loans and managing repayments for eligible households. Approved suppliers and licensed installers will deliver upgrades directly to customers.
The loan program’s $480 million funding is expected to generate around $650 million in energy bill savings and approximately $116 million in avoided financing costs, helping households lower energy bills and take greater control of their energy use.
Through the program, eligible households can access zero-interest, no-fee loans of up to $15,000 for approved energy upgrades including rooftop solar, residential batteries, insulation and other home energy improvements. The loans will be repayable over up to 10 years.
Home Energy Saver loans are designed to empower homeowners by making energy saving upgrades more affordable, easier and accessible.
NSW Government modelling found that a typical household undertaking a $15,000 upgrade could reduce annual energy costs by up to $2,000, depending on the home and energy use. In many cases, reduced energy bills can more than offset loan repayments from day one.
Energy Security Corporation Chief Executive Officer Paul Peters said the program would help unlock greater participation in household energy upgrades while helping deliver a more reliable energy system through greater efficiencies.
“Zero-interest Home Energy Saver loans are about making it easier for households to take practical steps to improve how their homes use energy and join the energy transition.
“By working with finance providers like Brighte and Plenti, we’re able to deliver zero-interest finance at scale and remove one of the biggest barriers people face – the upfront cost of upgrading their home.
“As uptake of household technologies accelerates, this will play an important role in reducing pressure on the energy system and strengthening reliability across the state.”
Eligible NSW homeowners and landlords with a combined annual household income of up to $210,000 can apply for the loans.
By partnering with finance providers to deliver zero-interest finance, the program is designed to help build market confidence and make home energy upgrade lending more accessible across NSW over time.
The ESC is continuing to engage with finance providers interested in offering zero-interest finance for eligible household energy upgrades, with additional funding available. Financial providers interested in participating can contact the ESC to discuss potential opportunities.
Loan applications are now open. To learn more about participating in the program read the ESC’s Home Energy Saver loans guidelines.
Brighte CEO Katherine McConnell said:
"This is the program NSW households have been waiting for. The NSW Government and the ESC deserve credit for getting it right, with zero interest, no fees and accessible to those who need it most.
"Brighte is built exclusively for home energy. Our finance platform and accredited installer network are designed specifically for household energy upgrades, and that has been recognised by state and federal governments across Australia who have continually chosen Brighte to deliver their programs. As a company born, bred and based in NSW, we're proud to help bring the benefits of clean energy and lower bills to households right across our home state."
Plenti CEO Adam Bennett said:
“Plenti is proud to support the NSW Government’s Home Energy Saver program and help make energy saving upgrades more accessible for households across the state. As a participating lender, we’re pleased to now offer Home Energy Saver loans, helping eligible customers overcome upfront cost barriers and invest in improvements that can make their homes more energy efficient and affordable to run.
“With our experience delivering government funding programs, we’re confident in our ability to support the successful rollout of this initiative and play our part in helping NSW households take greater control of their energy use while contributing to a cleaner and more reliable energy system.”