Due to the significant interest by Tasmanians to access interest-free loans through the TEELS scheme, the Hodgman Government is doubling the initial $10 million of funding to $20 million for the scheme.
In just over a month, there have been over 1500 applications for funding to purchase energy efficient appliances and equipment.
The levels of funds request to date has now exceeded $12.5 million and while some of the current applications will not be successful, the level of engagement by consumers has resulted in the decision to increase the funding pool to $20 million.
Of the applications to date, over 1000 applications involve solar panels, over 400 for each of double glazing and heat pumps, over 300 applications for efficient hot water systems and around 250 applications each for home insulation and blocking out blinds and curtains.
There have been over 1450 applications from residential and 66 from small business customers.
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.
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.
Applications for the larger TEELS loans are expected to commence later this month and there have already been over 150 registrations of interest. Again, I would encourage those businesses considering improving their energy efficiency to register their interest on the Aurora Energy website https://www.auroraenergy.com.au/teels/register-your-interest.
At the same time, the Government is aware that TEELS will not be accessible to all consumers. For those Tasmanians on a concession, there is a current round of subsidy support with a no interest loan through the No Interest Loan Scheme https://www.nilstasmania.org.au/.
The subsidy amounts to 50 percent of the purchase and installation price of energy efficiency appliances up to $3000 and an interest free loan for the remaining balance.
The current round has seen 210 concession customers take up the opportunity to improve their energy affordability with approximately $182,000 in funds being provided.
To further support this initiative the funding for NILS and the 50 percent subsidy will be increased to $500,000 for this financial year.
This effectively more than doubles the current subsidies allocated to date and provides greater opportunity for concession customers to improve their energy efficiency and power bill affordability.
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.
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.