FINANCING

Financial support to efficiently electrify.

Making electrification available to everyone.

Efficient electrification reduces energy bills long term but can involve large upfront costs.

Luckily, there are a range of public and private financing options that reduce the upfront costs of purchasing and installing energy upgrades, including green home loans, personal loans, subsidies, rebates and more.

Many of these options will only be available to homeowners or landlords, but can be used for both renovations and new builds.

WHAT CAN YOU GET FINANCIAL SUPPORT FOR?

Most efficient electrification options have some funding support available in WA.

  • Rooftop solar and battery systems

  • Electric vehicles

  • Electric vehicle chargers

  • Double-glazed windows

  • Insulation

  • Ceiling fans

  • Energy efficient appliances

  • Induction cooktop

  • Hot water heat pump

  • Solar hot water systems

  • Reverse cycle air-conditioning

  • Energy monitoring systems

  • Pool pumps

GOVERNMENT REBATES, SUBSIDIES AND INCENTIVES

ROOFTOP SOLAR

There is a federal rebate for rooftop solar installs which should automatically be factored into quotes from installers.

This rebate effectively covers the complete wholesale cost of the panels. For this reason, it is very cost effective to install the largest possible coverage of panels. The remaining cost is for other equipment and labour.

Currently, there is no Federal or West Australian subsidy for batteries.

ELECTRIC VEHICLES

WA currently offers a $3,500 rebate when purchasing an brand new EV.

Rebate applications will be accepted until 10 May 2025, when the funding runs out. Find out more here.

The Federal government is also stepping in to exempt some battery, hydrogen fuel cell and plug-in hybrid electric cars from fringe benefits tax and import tariffs. 

However, they need to be below the Luxury Car Tax threshold for fuel efficient cars, which currently sits at $84,916. This only applies to cars purchased after July 1, 2022.

GOVERNMENT-SUPPORTED LOANS

HOUSEHOLD ENERGY UPGRADES FUND

In the May 2023 Budget, the Government announced $1billion for the Household Energy Upgrades Fund (HEUF), to help households efficiently electrify.

This funding is being allocated to private financial institutions to offer discounted rate loans of up to $50,000 to home and investment property owners for renovations and new builds.

The loans can be used for most energy upgrades including the full list above, although eligible products and loan terms will vary with provider.

As of November 2024, 3 lenders have been announced: Plenti, Westpac and ING.

  • Plenti’s HEUF Discounted Green Loan

    • Up to 3.34% rate discount

    • $2k - $50k

    • 3-15 year terms

    • Plenti’s loans are provided directly through an installer/supplier of the green energy upgrade. To find accredited installers, contact Plenti here.

  • Westpac’s Sustainable Upgrades Home Loan

    • 4.49% variable rate

    • $4k - $50k

    • 10 year max term

    • Must have existing Westpac home or investment loan.

  • ING’s Green Energy Upgrade Loan

    • 3.74% fixed rate

    • $5k - $50k

    • Must have existing ING mortgage.

    • Not available nationally until early 2025. Details subject to change.

PRIVATE FINANCING OPTIONS

GREEN LOANS

Some banks and non-bank lenders offer special loan rates for building, buying or renovating a sustainable home.

These loans are not supported by the HEUF, but may suit your circumstances and budget. Ask your bank if they offer green home loans.

Lenders that provide green loans include:

This is not a comprehensive list of green loan providers. See more here.

INTEREST FREE FINANCE AND RENT-TO-OWN

Some financial institutions offer interest-free loans and 'rent-to-own' schemes to help the purchase of rooftop solar and battery systems.

These options are usually set up between a particular installer and financier, and can have simpler application processes. Overall costs of no-interest installations can be higher, so get quotes and compare prices.

Options include: