Sustainable Household Scheme

The Sustainable Household Scheme will provide zero-interest loans of between $2,000 to $15,000 to eligible ACT households to help with the upfront costs of investing in energy efficient home upgrades.

Loans will be offered by Brighte, our partner and loan provider for the Scheme. The loans must be repaid over 10 years and the scheme will be open to new applications for five years.

A pilot for the Scheme is currently being conducted to allow the user experience to be tested before it opens to all eligible ACT Households early in the 2021-22 financial year. Products that will be included under the Scheme include:

Rooftop solar panels, Household battery storage systems, Electric heating and cooling systems, Hot Water Heat Pumps (HWHP), Electric stove tops, Electric vehicles, Electric vehicle charging infrastructure, Installation costs for these products.

Is there a credit check?

Yes, loan applicants must satisfy standard credit criteria for the loan, such as a good credit history and the ability to make repayments without significant hardship

When do my repayments start?

Your repayments will commence once the product/system has been installed or purchased (as in the case of electric vehicles) or the installer has sent the invoice to the loans provider.

Is there an early payment option?

Yes, you can repay the remaining loan amount earlier without incurring any penalties.

Can I borrow more than the loan cap?

Yes. Depending on your credit check as part of your loan application, you may be able to borrow additional funds above the $15,000 limit. The loans provider may however choose to charge interest for any funds borrowed above the limit.

Can I apply for multiple loans?

Each participant may borrow a cumulative maximum of $15,000 over the life of the Scheme. Once this $15,000 limit is reached, the participant is no longer eligible for a new loan even if the previous loan has been repaid. Participants can install one product or a bundle of products from the list of eligible items.

What fees are associated with the loan?

There are no establishment or account keeping fees associated with the loan. There may be modest fees applied to loans in arrears. Ensure that you have read and understand the terms and conditions before you take the loan.

Are there upfront costs I need to pay?

No. Ensure that you have read and understand the terms and conditions before you take the loan.

 

Will the lending be done responsibly?

The loans provider is required to comply with responsible lending practices as set out in the National Consumer Protection Credit Act 2009.

 

What if I can’t repay the loan?

The loans provider will have hardship supports in place to assist if you are experiencing hardship.

 

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