Australia, known for having the highest solar radiation of any continent, is now being urged to capitalise on this natural advantage by implementing a groundbreaking Electrify Everything Loan Scheme (EELS).
Proposed by Rewiring Australia, this scheme aims to make rooftop solar and other energy-efficient upgrades accessible to all Australian residences, potentially saving households up to $5,000 annually on energy and petrol bills.
The EELS proposal, part of Rewiring Australia’s 2024-2025 Pre-Budget Submission to the Australian Government, seeks to provide flexible, low-cost loans secured on property titles.
This initiative would enable households to install solar panels, batteries, efficient electric appliances, and electric vehicles, leading to significant savings and reducing the burden of rising power costs.
Rewiring Australia’s Chief Scientist Dr Saul Griffith emphasised the long-term benefits of the scheme, as he stated: “If the government makes an investment like HECS, it will deliver permanent cost-of-living relief, solve the problem of light vehicle pollution, and propel Australia to the top of the class in climate action.”
The proposed $2.8 billion expenditure over the next three years would establish EELS and complementary policies, including provisions for loan concessions, demonstration projects in Zero Emission Communities, and the development of EV charging networks.
The scheme is expected to play a crucial role in reducing Australia’s emissions, with household electrification and grid decarbonisation potentially eliminating 25 per cent of the country’s emissions.
Rewiring Australia Executive Director Dan Cass compared the potential impact of EELS to past government initiatives like Medicare and HECS, as he said: “Every Australian, regardless of their financial status, should contribute to and benefit from the green energy transition.”
The EELS proposal highlights the potential for Australia to lead the way in electrification, leveraging its abundant solar resources to achieve substantial cost-of-living savings and environmental benefits.
