National Housing Trust (NHT) contributors will be able to access a new loan product to retrofit their homes with smart energy solutions, as at July 1, 2024.
Under the Smart Energy Home Improvement Loan, contributors will be able to acquire any of the following: solar panels and batteries; solar water heaters; solar insulation; other renewable energy technology such as windmills, hydropower and biomass; and rainwater harvesting and storage, to include water tanks and pumps.
The Prime Minister, in announcing the loan product during his contribution to the 2024/25 Budget Debate in the House of Representatives on March 21, said that the assets must have a useful life that meets or exceeds the loan term.
He pointed out that each contributor may access up to $1.5 million.
Two contributors will be able to join to access $1.5 million each at a rate of five per cent with a payback period of up to 10 years.
