EnergyAustralia launches solar home bundle with zero upfront costs

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on July 04, 2022 Fact Checked
EnergyAustralia launches solar home bundle with zero upfront costs

Australian energy provider EnergyAustralia has launched a solar home bundle as part of a 7-year energy plan.

With electricity bills tipped to rise by up to 18% across Queensland, NSW and South Australia entering the new financial year, Aussies are actively seeking renewable energy alternatives.

Launching Monday, the Solar Home Bundle from EnergyAustralia is set to provide eligible homeowners with a solar and battery system that is installed and managed by EnergyAustralia with no upfront costs as part of a 7-year energy plan.

Home owners taking up the offer will receive a solar system that includes tier-one rooftop solar panels, an inverter and 10.1kWh battery.

How does the Solar Home Bundle work?

EnergyAustralia will facilitate the installation of a solar system, tier 1 solar panels, an inverter and a battery suited to customers' homes.

To manage power supply, Energy Australia uses automation, delivering electricity from the grid, solar and battery.

For an average household of four with an estimated daily use of 20kWh, EnergyAustralia estimates the average cost to be $6.94 per day with an estimated average of $211 per month. 

EnergyAustralia notes the usage rate varies based on your location, with the rate fixed for the life of the plan.

Following the completion of the 7-year energy plan term, ownership of the solar inverter, panels and battery system falls to the home owners. 

It's important to note controlled load, daily supply and other rates and charges may vary depending on the household size and location.

EnergyAustralia notes early cancellation of the Solar Home Bundle requires payment of an early exit fee.

The specific amount of the early exit fee depends on when the customer leaves or are deemed to have left as compared to when the 7 year contract term would have otherwise expired and the value of the system as advised at the time you apply.

Eligibility

To be eligible, the Solar Home Bundle applies to select areas of NSW for residential customers who live and own the property and use more than 16kWh worth of power.

    Victoria power saving bonus program commences

    The Victorian Government has announced a gas roadmap to drive down power bills and cut carbon emissions through the use of electrification, hydrogen and biomethane.

    Victorian Energy Minister Lily D’Ambrosio said gas is no longer the cheap fuel it once was.

    "We know renewables are the cheapest form of energy and we’re making it easier for Victorian households and businesses to go all electric with more choice and more support," Ms D'Ambrosio said. 

    “Victorians have been at the mercy of private gas companies for too long, it's time to put gas on the back-burner as we help Victorians cut energy bills and halve emissions by 2030.”

    Victorian households can save up to $1,020 per year off their energy bills through electrification and up to $1,250 if solar panels are installed.

    Households can also now claim a $250 Power Saving Bonus by heading to the Victorian Energy Compare website and comparing their current energy bills to see if they can get a better deal.

    How to apply

    Victorians can apply for the new $250 Power Saving Bonus from 1 July 2022 by visiting the Victorian Energy Compare Website.

    Victorians who do not have access to an electronic device or the internet can call the VEC helpline on 1800 000 832 or receive support from one of the Community Outreach Partners supporting the new $250 Power Saving Bonus program.


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    Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of August 11, 2022. View disclaimer.


    Image by Bill Mead via Unsplash 



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    Jacob Cocciolone joined the Savings team in 2021 as a Finance Journalist. Driven by a passion for keeping Australians up to date with the latest financial news and trends, his areas of interest include financial technology, investing, property and motoring.

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