Loan scheme to buy electric goods

INDI MP Helen Haines has launched her policy for an ‘Electrify Everything Loan Scheme’ that would help homeowners lower the cost of running their home through home batteries, energy-efficient appliances, and solar storage solutions. She has also committed to help small business reduce their energy and tax bills through a proposed $30,000 energy incentive for small business and primary producers. The loan scheme for households would reduce the upfront financial burden on consumers through interest-free loans for home electrification upgrades she said will drive down power bills. “Energy bills are one of the biggest costs for both households and businesses – my plans would allow both households and small businesses make the upfront investments they need to be more energy-efficient and save money,” Dr Haines said. “One in three Australian households have already made the switch to rooftop solar, which is helping cut their power bills and emissions. “But they could save even more if they had easier access to home batteries and efficient electric appliances, allowing them to store the excess energy they produce during the day to use at night, when prices are at their peak.” While many Australians are eager to embrace electrification, the high upfront cost of technologies like home batteries, heat pumps, and induction cooktops are preventing people from transitioning to energy efficient appliances and keeping many household energy bills higher for longer. Dr Haines said her loan scheme would help bridge the affordability gap for key technologies while the market catches up. “Items like home batteries are too expensive for many Australians right now, but those who have invested in this technology have dramatically reduced their power bills,” she said. “I want a program that will support people the access to invest in electrification technology while the market is catching up.” Dr Haines’ policy proposes interest-free loans that would enable consumers to bundle multiple products into one loan for a simpler electrification journey. Common bundles may include a battery, induction cook top, heat pump and split-system air conditioning. She is also proposing a Small Business and Primary Producer Energy Incentive that would enable all businesses to benefit from a $30,000 tax deduction for investment in assets or technology that improve energy efficiency. Dr Haines said her policy would help small and medium enterprises invest in electrification of their business or improvements to boost their energy efficiency. It would be open to businesses with turnover up to $50 million, and to all primary producers, acknowledging the importance of supporting farmers to make investments. "Whether upgrading refrigeration, transport, or energy storage, my policy will support businesses to lower their energy costs and increase their productivity,” she said. Dr Haines said the incentive would also enable farmers to claim a bonus deduction for on-farm efficiency technologies relating to soil health, carbon sequestration and alternative fuels. “Successful electrification can put money back in people’s pockets and make everyday life more affordable, while also supporting Australia’s transition to a cleaner, more sustainable future."