Overview of Tasmania’s Energy Saver Loan Scheme
The Energy Saver Loan Scheme is a state-funded program aimed at helping Tasmanian residents and businesses invest in energy-efficient products and upgrades. This scheme offers 0% interest loans ranging from $500 to $10,000, allowing you to finance the purchase and installation of various energy-saving solutions without incurring interest charges.
Key Features:
- Loan Amount: $500 – $10,000
- Repayment Terms: Fortnightly payments over 1 to 3 years
- Interest Rate: 0%
- Fees: No establishment, account keeping, or introducer fees. A late payment fee of $4.99 may apply if a repayment is missed, capped at $49.90 per year.
Eligibility Criteria
For Individuals and Households:
- Must be a Tasmanian resident using the property as their principal place of residence.
- Landlords with residential tenants are eligible.
- No income, house value, or asset tests are required; applicants must demonstrate the ability to repay the loan.
For Businesses and Community Organisations:
- Must hold an Australian Business Number (ABN).
- Small businesses with annual electricity consumption below 150MWh qualify.
- Community organisations may need to provide financial statements to prove repayment capacity.
- Small businesses may require a personal guarantee from a director.
Eligible Products and Categories
The Energy Saver Loan Scheme supports a wide range of energy-efficient products, categorized as follows:
Category A: Electrical Generation & Storage
- Solar PV Systems: Generate electricity from sunlight.
- Solar PV & Battery Storage Combos: Combine solar power generation with battery storage.
- Battery Storage Systems: Store excess energy for later use.
- Electric Vehicle Charging Infrastructure: Install charging points for electric vehicles.
Category B: Efficient Electrical Appliances
- Reverse Cycle Air Conditioning: Provides both heating and cooling efficiently.
- Heat Pump and Solar Hot Water Systems: Energy-efficient systems for heating water.
- Induction and Ceramic Stove Tops: Modern and energy-saving cooking appliances.
- Energy-Efficient White Goods: Includes fridges, freezers, washers, and dryers with high energy star ratings.
Category C: Energy Efficiency Upgrades for Existing Buildings
- Double Glazing: Enhances insulation and reduces energy loss (not applicable for new builds).
- Insulation: Improves thermal efficiency, with specific requirements and mandatory electrical safety inspections.
Application Process
Step 1: Test Your Eligibility
- Confirm that you meet the residency and property ownership requirements.
- Ensure you can demonstrate the capacity to repay the loan.
Step 2: Choose Your Energy Efficiency Investment
- Select from the eligible products that best suit your energy-saving needs and consumption patterns.
Step 3: Get Quotes from Accredited Suppliers
- Obtain at least three quotes from suppliers listed on Brighte’s accredited marketplace to compare options and prices.
Step 4: Apply for Finance Through Brighte
- Inform your chosen supplier that you wish to participate in the scheme.
- The supplier will initiate the loan application with Brighte.
- Upon approval, Brighte will disburse the funds directly to the supplier, and you will begin making repayments to Brighte.
Benefits of the Energy Saver Loan Scheme
Financial Benefits:
- 0% Interest Loans: Save money by avoiding interest charges on your loan.
- No Upfront Costs: Install energy-efficient products without the burden of immediate payment.
Operational Benefits:
- Increased Property Value: Energy-efficient upgrades can enhance the market value of your property.
- Enhanced Home Comfort: Improve the comfort of your home with better insulation, efficient heating and cooling systems, and advanced appliances.
Quality Assurance:
- Accredited Suppliers: All participating suppliers are accredited by Brighte and the Clean Energy Council (CEC), ensuring high-quality installations and products.
- Post-Install Inspections: Installations are subject to inspections regulated by the Tasmanian Government to maintain quality and compliance.
Support and Additional Resources
Home Energy Audit Toolkit (HEAT): Available through local councils, the HEAT toolkit includes tools to help you assess your energy usage and identify areas for improvement. Tools typically include energy meters, thermometers, and flow rate measuring devices, along with instructions and tips for reducing energy consumption.
Alternative Assistance Programs:
- No Interest Loan Scheme (NILS): Designed for Tasmanians with low incomes who may not qualify for the Energy Saver Loan Scheme. Learn more about NILS.
- Additional Resources: Access further information and support through REC FIT Tasmania’s Resources You Can Take Home and the Australian Government’s Energy Information and Services website.
Frequently Asked Questions (FAQs)
How can I check if I'm eligible?
- Review the eligibility criteria for individuals, businesses, and community organisations on the Brighte website and Brighte for businesses.
What are the fees and repayment structures?
- The scheme offers a 0% interest loan with no establishment, account keeping, or introducer fees. Late payments may incur a fee of $4.99, capped at $49.90 per year. Repayments are made fortnightly over 1 to 3 years.
Can I access the scheme for multiple properties or businesses?
- Yes, loans are capped at $10,000 per property. You can apply separately for your primary residence, rental properties, and a small business, each eligible for up to $10,000.
What documentation is required to apply?
- Applicants must be 18 years or older and provide proof of residency, such as an Australian driver’s licence, passport, or Medicare card. Businesses need to provide an ABN, and community organisations may need to submit financial statements. A personal guarantee may be required for small businesses.
Conclusion
Tasmania’s Energy Saver Loan Scheme offers a valuable opportunity for homeowners, landlords, small businesses, and community organisations to invest in energy-efficient products without the burden of interest charges. By understanding the eligibility criteria, available products, and application process, you can take advantage of these incentives to reduce your energy costs and enhance the value and comfort of your property. Explore the available resources and assess your eligibility to make the most of Tasmania’s state-level solar incentives.
