Helen Haines (Indi, Independent) Share this | Link to this | Hansard source

My question is to the Minister for Climate Change and Energy. In a cost-of-living crisis, rooftop solar and home batteries can save thousands on bills and reduce emissions. Last week, the first low-interest loans under the Household Energy Upgrades Fund were announced, but these loans represent just six per cent of the $1 billion promised. How much of the remaining $940 million will be delivered before the next election?

Chris Bowen (McMahon, Australian Labor Party, Minister for Climate Change and Energy) Share this | Link to this | Hansard source

I appreciate the question from the honourable member, and she's 100 per cent right. The opportunity to assist households in delivering more renewable energy for themselves and, where possible, storage through a battery is a very real one for reducing bills and reducing emissions. That's why we allocated $1 billion in the last budget. The honourable member is correct: last Friday, I opened, with the assistant minister, round 1, which is a $60 million allocation to the provider Plenti. Its interest rates are between 2.74 per cent and 3.3 per cent. That's a discount off their standard green loan for things like solar panels, batteries, EV charging at home, efficient air-conditioning and others.

It is appropriate that the Clean Energy Finance Corporation, which is delivering this program on behalf of the government, has engaged in very strong due diligence to ensure value for taxpayers and due diligence in terms of the providing partners. They opened applications for partnerships last December. They closed in March. I was pleased to announce the first round last week. I expect to make other announcements in coming weeks and months. This is very much the first. There is much more to do. We intend to get many of these rounds out the door as soon as possible and to see that $1 billion allocated and spent in providing these concessional loans to families. We will see what the take-up rate is. It is a demand driven program. In that respect, we have to see the take-up. I assure the honourable member that I'll keep her updated, but we intend to roll out the scheme and see it work to help households deliver themselves renewable energy which will reduce their bills and emissions.