Recently, the State Government of Victoria announced two further initiatives to assist in achieving emissions targets. All new homes seeking planning approval from 1st January 2024 will need to be all electric, and interest free loans are currently available for household batteries for existing homes.
Much discussion in the media has taken place about phasing out gas. From 1st January next year, any planning permits for new homes and residential subdivisions, including public and social housing, will only connect to electric networks to assist in the phase out of gas in new builds. Also, effective immediately, any planned government buildings that have not reached design stage will be designed to be all electric.
Further reducing emissions, and also reducing power bills, the government is making available interest free loans for battery storage facilities. For those with existing solar PV arrays, $8,800 as an interest free loan payable over four years are available for a battery to support their current solar system. For new customers installing a solar PV system, which also attract rebates and interest free loan options, the battery loan scheme can be applied to this as well.
In accessing these loans, and before purchasing a battery, Solar Victoria recommends that research is conducted to assess suitability of which battery to purchase. Questions such as why consider a battery at all, how energy is used in the home, weighing up cost versus savings all need to be considered in making the right choice.
In order to qualify for the loan, eligibility requirements apply and installation must be completed by a Solar Victoria authorised solar retailer. Solar Victoria also recommends not signing any contracts or paying a deposit until the battery loan application has been approved.
More information regarding the battery loan scheme is available on the Solar Victoria website.