Tasmania Energy Efficiency Loans Scheme Gets $10 Million Boost

Solar Energy Products Popular In TEELS | Image: Mauro Gregori, CC BY-SA 3.0, Link

Funding for interest-free loans through the TEELS scheme has been doubled after significant interest from Tasmanians wanting to purchase solar power systems.

According to Tasmania’s Government, there have been more than 1500 applications for funding lodged by households and businesses since the TEELS program was launched just over a month ago. Over 1,000 applications are seeking funding to install solar panels.

“I encourage Tasmanian consumers to consider TEELS and take advantage of the no interest loans on offer to help improve their energy efficiency and energy affordability,” said Tasmania’s Minister For Energy, Matthew Groom.

“The funding increase will also facilitate the larger loan option for small businesses being developed by Aurora Energy and Westpac. The larger loans will provide funds from $10,001 up to $40,000 to be repaid over a 5 year term for small business to invest in larger energy efficiency measures.”

For purchases up to $10,000, a Westpac Credit Card with 0% p.a. purchase interest rate for 36 months is available. As the scheme is based on individual applications, a couple can access $20,000 and the funds can be used to purchase more than one item, assuming any item is on the eligible product list.

Further details on TEELS, which is operating in partnership with Westpac and Aurora Energy, can be viewed here.

For those who don’t qualify for TEELS, another option may be NILS – the  No Interest Loan Scheme; which is geared towards Tasmanians on concession. However, that only applies to a small range of products including solar hot water systems and heat pumps – solar PV isn’t on the list. Under the NILS scheme, a 50% subsidy goes towards the purchase and installation of one item on the list and a NILS loan for the balance.

As well as assisting Tasmanian households and businesses in slashing their electricity bills, TEELS and NILS are supporting solar installers in Hobart, Launceston and throughout the Apple Isle.

“The interest generated by both TEELS and NILS is also delivering a benefit to local businesses, through increased sales and activity, continuing to build business confidence and growth in the economy,” said Minister Groom.

“These initiatives, along with our action to limit the increase in regulated power prices and the most generous electricity concessions in the country, demonstrates the Government’s focus on ensuring energy is more affordable for all Tasmanians.”

If you’re interested in learning what sort of financial payback you can expect if you install a solar power system in Tasmania, try our solar calculator.