Joint media release: $160 million to deliver energy savings for households

The Hon Chris Bowen MP, Minister for Climate Change and Energy

The Hon Josh Wilson MP, Assistant Minister for Climate Change and Energy

The Albanese Government is helping homeowners make energy upgrades and save on their bills by working with one of Australia’s leading banks to offer discounted green loans.

The government is committing $160 million to support Westpac’s Sustainable Upgrades Home Loan through the Clean Energy Finance Corporation (CEFC).

This continues the roll out of finance from the government’s $1 billion Household Energy Upgrades Fund (HEUF) that helps homes become more energy efficient and ease the cost of living.

The HEUF is expected to help more than 110,000 Australian households to lower their energy bills through making lower cost loans available.

The Westpac Sustainable Upgrades home and investor loans will be available to eligible home loan customers wanting to improve the energy efficiency of their homes and includes installation of solar panels, batteries, hot water heat pumps, electric vehicle chargers, double-glazed windows and insulation.

For example, on a loan balance of $30,000, eligible customers could save around $3,475 in interest over 10 years, compared with Westpac’s basic variable rate home loan.

Minister for Climate Change and Energy Chris Bowen said the $160 million commitment would unlock savings for households.

“This innovative collaboration will give Australians more opportunities to benefit from the energy transition and ease cost-of-living pressures,” Minister Bowen said.

“These competitive-rate loans will give customers the freedom to choose how to upgrade their homes and to make them more energy efficient and save on their bills.

Assistant Minister for Climate Change and Energy Josh Wilson said making homes and businesses more energy efficient is one important way we can ease the cost of living, take pressure off Australians and reduce emissions.

“This investment will help people with older homes and appliances that don’t meet modern energy standards to upgrade and keep money from leaking out the door.”

The first commitment from the HEUF in May this year committed $60 million through lender Plenti to support cheaper finance for energy efficiency upgrades.

The Westpac loans will launch with the competitive variable interest rate of 4.49 per cent.

More information can be found here: https://www.westpac.com.au/personal-banking/home-loans/sustainable-upgrades-home-loan