The Tasmanian Government announced Brighte Capital would serve as the finance partner and program provider for its Energy Saver Loan Scheme.
In a statement, the State Government said the announcement was a significant step in making energy more affordable and sustainable for Tasmanians.
The Energy Saver Loan program will give private residential customers, small business customers, and landlords of residential rental properties interest-free loans ranging from $500 to $10,000 over three years so they can invest in energy-efficient products to help cut their electricity costs.
Brighte Capital said the program intends to assist Tasmanians in reducing their energy costs, enhancing energy efficiency, and fostering the local economy.
According to the State Government, a network of authorised dealers will be required to install and purchase energy-efficient equipment. The Government said Brighte now collaborates with the energy efficiency industry to expand its network of approved suppliers in Tasmania to support the Scheme.
Installations like rooftop solar panels, battery storage, heat pumps, energy-efficient appliances, double glazing, and insulation are examples of eligible items.
The State Government said it is a crucial component of a range of focused actions to assist Tasmanians with the price of their electricity bills.
According to the Government, the Bill Buster Payment consists of a $119 one-time bill credit for power usage during winter 2022 and a $61 ongoing boost in this year’s annual electricity concession discount, increasing the total annual electricity concession discount this year to $574. Additionally, since the usage price for Aurora+ was eliminated, the Government added its use had increased significantly.
Separately, the Government keeps investing $4.5 million annually in improving the energy efficiency of the social housing portfolio, such as double glazing, insulation, ventilation upgrades, cladding, heating, hot water systems, energy-efficient lighting, floor covering, and roofing upgrades.
Brighte Founder and CEO Katherine McConnell said Brigthe was happy to assist the Tasmanian Government in achieving its progressive policy goals and to assist Tasmanians in obtaining the advantage of accessible financing to improve the energy efficiency of their homes and businesses.
“Our research show the upfront cost is one of the biggest barriers households face to making change, and this program will inspire action. Tomorrow’s homes will be powered by the sun, and accelerating the transition is a progressive and positive step,” McConnel stated.
McConnel added: “Across Australia, people are looking for ways to bring their bills down, and their power bill is the one they have the most control over. Installing energy-efficient products powered by solar can make a real difference to household budgets in a short time.”
According to the Government, the Tasmanian Energy Efficiency Loan will be expanded as part of the Government’s commitment made during the 2021 election.
The Energy Saver Loan Scheme will be formally launched in October.
