Electrify Everything Loan Scheme
One of the leading barriers for households and apartments installing electric appliances is the financial cost. The Electrify Everything Loan Scheme (EELS) aims to remedy this and promote electrification worldwide.
Electrify Everything © Rewiring Australia
The EELS is a proposed Australian federal loan program for households going all-electric. Rewiring Australia released the EELS as part of their electric vision for the country. By financing electrification through this loan, Australians wanting to transition to a solar electric home will have less financial burden and will be more inclined to go electric with the added government support.
The EELS is a proposal for the government to support all households financially as they transition to a solar electric home, providing financial relief and lowering emissions. By doing so, Australians would collectively save approximately $680 billion on energy costs by 2050.
What is it?
All-electric home © Rewiring Australia
If the EELS is implemented, households and landlords would have the financial means to retrofit their homes and apartments with electric appliances, lower overall emissions, and save money on energy bills in the future.
In fact, a fully electric home with solar and a battery installed can save over $3000 annually on energy bills. Total energy savings can reach up to $5000 every year if households also own an electric car.
Why is it important?
Electric household savings © Rewiring Australia
Households would receive a government-backed loan that is secured on the property, which would provide funds to install solar, batteries, EV charging, water heating, induction cooktops, and home efficiency upgrades like insulation or double glazing. This loan would be indexed to inflation, but households would pay repayments when they can afford it, or pay in full once the house is sold.
For renters, the principle is similar. Landlords would be able to access EELS to upgrade rental properties without upfront payment.
How would it work?
Support and means to install solar panels, batteries, EV charging, electric hot water system, induction cooktop, electric heating and cooling appliances, and home efficiency upgrades. No upfront payment necessary.
Flexible and low-cost financing to upgrade homes which can be repaid in instalments or once the house is sold.
Over $1000 annual savings in energy bills.
64% reduction of household energy use and cleaner appliances.
What does it include?
EELS © Rewiring Australia
This article was produced using resources and information from Rewiring Australia.