Election 2018: Premier Jay Weatherill promises interest free solar panels

MORE than 10,000 South Australian homeowners will be able to receive interest free loans to install solar panels or home batteries if Labor wins next month’s state election.

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• Weatherill sets controversial 75 per cent renewable energy target
• Virtual power plant to deliver 500 jobs, Jay says
• Bulk buy deal to benefit up to 168,000 households
• Election HQ: Latest news and announcements

MORE than 10,000 South Australian homeowners will be able to receive interest-free loans to install solar panels or home batteries if Labor wins next month’s state election.

The Advertiser can reveal households can apply for loans of up to $10,000 as part of Premier Jay Weatherill’s $100 million scheme. The pledge came as the Liberal Party announced a “comprehensive defence workforce plan”.

And it comes a day after Mr Weatherill promised a 25 per cent renewable storage target, to complement the controversial 75 per cent state renewable energy target revealed by The Advertiser.

It’s Labor’s first major spending commitment designed to lower household power bills across the board.

More than 10,000 South Australian homeowners will be able to receive interest-free loans to install solar panels or home batteries if Labor wins next month’s state election..

Mr Weatherill already has announced a bulk-buy power discount for low-income South Australians and a plan to partner with Tesla and install solar panels on 50,000 homes — but both involved just a $1.5 million Government spend.

He said more than 33,000 South Australians already had shown interest in participating in the Tesla virtual power plant scheme and said supporting renewable energy would lower power bills for “all South Australians”.

Mr Weatherill said this would help households “transition to renewable energy and lower their power bills”.

The scheme is potentially a windfall for Australia’s only solar panel manufacturer, Tindo Solar in Mawson Lakes, with Mr Weatherill stating the scheme would have a “preference for locally made products”. The $100 million fund will allow homeowners to opt for interest-free loans on solar panels or home batteries – or both.

The cost of solar PV systems differs wildly based on system sizes, but a 2014 survey by consumer group CHOICE found its members paid $8243 on average for their solar PV systems once all rebates and discounts had been subtracted.

The State Government will underwrite the scheme, which would be overseen by the energy and water services department Mr Weatherill has vowed to recreate.

It is yet to detail what powers it would have to recoup the money if a homeowner declared bankruptcy or died, or what checks it planned to put in place for loans.

Interest will not be charged for the first seven years of the loan. South Australia already leads the nation in terms of homes equipped with solar PV systems, with more than 200,000 rooftops already fitted with solar panels.

Mr Weatherill said the 25 per cent renewable storage target — funded through a $20 million subsidy — was key to transitioning to the “energy grid of the future”. But it was dismissed as a “thought bubble” by Federal Environment Minister Josh Frydenberg, who said 750MW was a “fraction” of the storage required.

Labor also announced a $8.3 million solar and battery “microgrid” would be installed to power the former Holden plant at Elizabeth.