Funding Options

 

The most straightforward way to fund energy improvements is to use your own money. This avoids fees and interest rates associated with traditional bank loans, and it will provide varying rates of return depending on the action.

Check out our case studies to get an idea of what other people have done and some of the savings they have achieved.

“When I’m sitting in my house in the middle of winter and it’s 25 degrees inside without any heating on… it’s pretty good!”

Terrence Hoffman, Aireys Inlet

Rebates and Incentives

There are a number of incentives for residents looking to use energy more efficiently or generate renewable energy on-site. Click on the programs below to find out what support is available for your next energy improvement.

Solar Victoria Hot Water Rebates

The Victorian Government is providing eligible homeowners with a rebate up to a maximum of $1,000 off the installation of a solar hot water system.

The rebate applies to solar hot water systems that replace a hot water system older than three years (from the date of purchase), meet the programs safety and quality standards and were installed on/or after 19 August 2018.

Households can only access one rebate type under the solar homes package (i.e. a household that accesses a Solar PV rebate cannot claim a solar hot water rebate and vice versa).

Applying for the rebate involves three easy steps:

  1. Apply for eligibility
  2. Install your system
  3. Apply for a rebate

For further information head to www.solar.vic.gov.au or call Solar Victoria on 1300 363 744. Solar Victoria is an independent body set up by the Victorian Government to administer the program.

Solar Victoria Battery Rebates

On 1 July 2019, the Solar Homes program will introduce rebates for up to half the value of a battery storage unit. The initial pilot program will provide 1,000 rebates of up to $4,838 for solar battery systems across 24 postcodes in Victoria – including Torquay, Mount Duneed and Freshwater Creek.

These rebates will be available to people in designated suburbs who have already installed solar panels, but have not already accessed a solar rebate. There is likely to be more detailed eligibility criteria for individuals wanting to participate, which will be announced on 1 July 2019.   

In the interim head to www.solar.vic.gov.au/solar-batteries to register for updates.

Solar Victoria is an independent body set up by the Victorian Government to administer the program.

Victorian Energy Upgrades

The Victorian Energy Upgrades program is providing households and businesses with discounts on a wide range of energy-saving products through accredited providers. Accredited providers are able to generate one Victorian Energy Efficiency Certificate (VEEC) for every tonne of greenhouse gas that their installation has prevented.

The Victorian Energy Upgrades program is a market-based program, so the value of certificates and therefore the rebate, can fluctuate over time due to supply and demand. The rebate may be applied at the point of sale or it may be redeemed separately after an installation.

For further information on the program and to find an accredited provider visit the Victorian Energy Saver website or call (03) 9032 1310.

Green Loans

Many financial institutions now offer green loans to their customers, providing lower interest rates for loans used to finance sustainable home upgrades.

Contact your local bank to find out if this is something they offer. 

Solar PV

Solar Victoria PV Rebates

The Victorian Government is providing eligible homeowners with a rebate up to a maximum of $2,225 off the installation of a solar PV system.

The program is fully subscribed for the 2018-19 financial year and will open again on 1 July 2019 with an additional offering of no-interest loans to complement the rebate.

Households can only access one rebate type under the solar homes package (i.e. a household that accesses a Solar PV rebate cannot claim a solar hot water rebate and vice versa).

Applying for the rebate will differ slightly in the new financial year. Rebates will be claimed by the solar installer and deducted from the total cost of your system. This places the onus on the solar installers and means less hassle for you.

For further information head to www.solar.vic.gov.au or call Solar Victoria on 1300 363 744. Solar Victoria is an independent body set up by the Victorian Government to administer the program.

Solar Feed-In Tariff

A solar feed-in tariff (FiT) is the price paid to you by the retailer for excess electricity generated and fed back into the grid by small-scale solar photovoltaic (PV) or wind power systems. The FiT is available for a range of renewable energy systems (solar, wind, hydro or biomass) less than 100 kW.

The minimum FiT is set each year by the Essential Services Commission (ESC). Each year it may be increased, reduced or removed all together. 

The 2018/19 FiTs are outlined below: 

  1. Single-rate FiT of 9.9 c/kWh. This flat rate is only a minimum, so some retailers may still be offering higher tariffs.
  2. The Time-varying FiT differs through the day to reflect value of solar generation throughout the day. The tariff is lower during off-peak times, marginally higher during shoulder periods, and significantly higher during peak hours (7.1, 10.3 and 29.0c/kWh respectively).

Retailers are only obliged to offer one of the FiTs, so some may only offer the single-rate. Head to the Essential Services Commission website to find out more. 

Solar for Renters

From 1 July 2019, the Solar Homes program will be available to renters. The program will offer rental properties a rebate of up to $2,225, with the Landlord paying the remaining cost of the solar system.

A second offering will be release in late 2019, which allows the tenant to contribute to cost of the system. 

For further details head to www.solar.vic.gov.au/solar-for-renters.

Solar Victoria is an independent body set up by the Victorian Government to administer the program.

Small-Scale Technology Certificates (STC)

Federal Government’s Small-scale Renewable Energy Scheme creates a financial incentive for individuals and small businesses to install small-scale renewable energy systems such as solar PV, small-scale wind, small-scale hydro, solar water heaters and air source heat pumps.

Each system will create a number of small-scale technology certificates (STCs) based on the amount of electricity they are expected to generate between now and 2030 (when the scheme ends). Each year the amount of redeemable STCs will reduce up until the scheme expires in 2030.

STCs are sold through the government scheme to reduce the overall cost of your system. This rebate is often taken into account by installer at the point of sale.

For further information on the Small-scale Renewable Energy Scheme visit the Clean Energy Regulator or ask your local installer.

Interest Free Loans

Interest free loans will be offered as part of the Solar Homes Package in July 2019.

Interest-free loans will be available up to an amount of $2,225. Loans must be paid within a four-year period, or sooner if you choose to do so.

You will be notified of your eligibility as part of the rebate application process. If you are eligible, you can select whether you would like to take up the loan option. 

Further details on the application process and eligibility are available at www.solar.vic.gov.au/interest-free-loans.

Solar Victoria is an independent body set up by the Victorian Government to administer the program.