Victoria Replacing Battery Rebates with Interest-Free Loans

Victoria’s 2023-2024 state budget yesterday hit the headlines with a billion dollars to re-establish the State Electricity Commission, focusing on driving the state’s switch to renewables.

A much lower profile move was a rejig of Solar Victoria’s support for home batteries.

In an industry update circulated May 24 and provided to SolarQuotes, Solar Victoria explained that the $2,950 rebate will stop accepting new applications after June 30, 2023. The Victorian battery rebate will be replaced by interest-free loans up to $8,800.

“The battery rebate program will continue to accelerate the renewable energy transition and move away from rebates and transition to the delivery of 4,500 interest-free loans of up to $8,800 each funded through the Solar Homes Program,” the industry update said.

“$16 million dollars has been allocated to the enable the delivery of the interest-free loan program for 2023-24.”

“Applications for battery rebates will no longer be accepted from 30 June, with the loan offering to be launched after 1 July 2023, once program design is complete.

“Solar Victoria is working towards a seamless transition from one incentive to the other and program design is already underway.”

Solar Victoria’s update said that rebate applications received before June 30 will be processed.

The Solar for Business program also ends on June 30.

Rebates for solar panels and hot water systems will continue.

Solar Victoria said the government has allocated 53,000 solar panel rebates for 2023-2024 at the current rate of $1,400, with another $1,400 available as an interest-free loan.

The government has 4,500 hot water rebates of $1,000 available for 2023-2024.

The rebate was originally $3,500, but on 1 July 2022, it was trimmed to the current $2,950.

Original Source: https://www.solarquotes.com.au/blog/victoria-replacing-battery-rebates/