What will the 2019 NSW State Government Election mean for you?

What will the 2019 NSW State Government Election mean for you?

FAST-APPROACHING STATE ELECTION PROMISING ADDITIONAL SOLAR FINANCIAL INCENTIVES

The NSW State Election will be held on the 23rd of March, less than two weeks from now. In early February politicians announced their respected parties new and improved solar financial policy. Gladys Berejiklian (Liberal Party) the Premier of NSW announced that if re-elected the Government will introduce ‘The Empowering Homes’ program that constitutes an interest free loan for eligible solar+battery system buyers. The opposition leader Michael Daley announced that if Labor was to be elected he would implement a NSW State Government Rebate that would discount, for eligible customers, up to $2,200 from the cost of solar panels. Both policies are in addition to the pre-existing Renewable Energy Target which already provides home-owners with an upfront discount of approximately $620/kW. Additionally, it is known that to be eligible for either incentive your total household income must be less than $180,000 per year.

Monday, 11th of March 2019

 

if gladys berejiklian (liberal) is re-elected:

Gladys Berejiklian has proposed ‘The Empowering Homes Program’. This policy enables eligible homeowners with a total combined income of up to $180,000 per year to apply for an interest free loan to purchase a solar battery or a solar system with battery storage included in the package. If the purchase is for the battery only the maximum lone amount is proposed to be $9,000. If the purchase is for a solar system with battery storage then the maximum proposed loan amount increases to $14,000. These interest free loans may be particularly interesting for the thousands of home-owners across the Central Coast, Newcastle and Sydney. Delivery partners for the program will be selected through a competitive tender process and only companies like Tru Blu Solar Co that install projects to the highest quality and standards will be selected to take part in the initiative.

This interest free loan is proposed to be available for up to 300,000 applicants over the next 10 years. It is estimated that a family with a $500 quarterly electricity bill could save up to $285 a year on their bills while repaying the no interest loans. These savings could increase to more than $2,000 a year when the loan is fully repaid.  Households with quarterly energy bills of $625 could save up to $457 a year while repaying the no-interest loans, and up to $2,200 a year when the loan is fully repaid. Households with quarterly energy bills of $875 could save up to $640 a year while repaying the loans, and up to $2,390 when the loan is repaid. 

Eligibility criteria

  • Total combined income up to $180,000

  • Credit check required

  • Must be a homeowner

Gladys Berejiklian

Gladys Berejiklian

 
Michael Daley

Michael Daley

If michael daley (labor) is elected

Michael Daley announced the ‘Labor Solar Homes Policy’ and it proposed to provide financial incentives for up to 500,000 homes across NSW within the next 10 years. This policy will allow eligible homeowners to purchase a solar system with an additional rebate to what is already in place (Small-scale Renewable Energy Target) that has the value of up to $2,200 per solar system. This policy intends to create a a “virtual” power plant for the state, generating up to an additional 2 GW worth of capacity (2GW = 2 million kilowatts = enough energy to supply to over 200,000 homes).

The specific details as to what sized solar system would be eligible for the full $2,200 discount are unknown at this point in time. However, the total cost of a residential solar system at the moment is rarely above $9000. For a 10kW Solar System at $9000 and given that the full discount of $2,200 is applied there is a decrease in the up-front cost of 24.4%. This is particularly interesting for home-owners across the Central Coast, Newcastle and Sydney that are considering purchasing a solar system. Tru Blu Solar Co is especially excited to be able to offer products at a lower cost to the consumer and to provide a solution with an even shorter return on investment than what is already available.

Eligibility criteria

  • Total combined income up to $180,000

  • Credit check required

  • Must be a homeowner

 

what Tru blu solar co thinks about the up-coming nsw state election

So to sum it up, we think that NSW State Election definitely has positives on both sides of the table. Let us note that residents of NSW including Central Coast, Newcastle and Sydney will most likely not be able to access either of these financial incentives until the beginning of next financial year. However, Tru Blu Solar Co can still provide you with a free quote to get you started and plan out what will be appropriate for you once either of these policies are put in place. We make it really easy for you and don’t employ pushy tactics to get you over the line. Enquire here to get a free quote.

If we had to say what would be the best policy for solar consumers we would definitely be leaning towards Labor’s policy. Reason being is that Liberal’s policy is for battery storage only and even with an interest free loan battery storage solar systems only recoup up to about twice the initial invested amount of money within the warranty period of the equipment. So even with the interest free loan available it is still not going to be very attractive to customers when they can purchase a solar system without a battery via a loan (with interest) and get up to 4x the initial invested amount of money, within the warranty period. If you want to ask us a question, get us to provide you with some information about solar or get a fully optimised quote for free, get into contact with us and we will be in touch right away! Even if you use all your energy at night it is still possible to get a Return on Investment for a solar system that feeds 100% of its energy in to the grid in less than 3.5 years.

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