ING Australia low-rate loans for household clean tech upgrades
Breaking down barriers to home energy efficiency
The CEFC is backing fixed low-rate loans of up to $50,000 to support households installing clean energy technologies including battery ready solar PV, batteries and inverters.
$75 million
CEFC commitment
$150 million
upgrade program
Fixed rate
discount
If we want to accelerate decarbonisation, we need to remove the complexities and barriers that are stopping people from making their homes more energy efficient. We have created an experience that is stress free and customer focused.Melanie EvansCEO, ING
Our investment
The CEFC, through the Household Energy Upgrades Fund™, has committed up to $75 million to help finance the $150 million ING Green Upgrade Loan program.
The CEFC finance helps deliver a fixed rate of 3.74 per cent, representing a discount of two per cent on an ING Fixed Rate Home Loan for the first five years of the loan.
The discounted rate is available to eligible ING mortgage customers seeking to borrow up to $50,000 to install a range of clean energy technologies including solar panels and inverters, batteries, hot water heat pumps, induction cooktops and non-ducted single-split air conditioners.
The ING Home Energy Helper platform, delivered in collaboration with BOOM! Power, recommends appropriate clean energy technology upgrades designed to reduce energy costs and emissions based on a household’s existing systems and appliances. Borrowers use an accredited installer from the Home Energy Helper.
On an ING Green Upgrade Loan balance of $50,000 a customer could save more than $5,000 over the first five years.1
The CEFC does not provide finance to individual borrowers and is not involved in financing decisions. ING manages customer relationships on our behalf through the program.
For more details see the ING Australia website
1.Calculations based on a loan size of $50,000 and a loan term of 30 years with a fixed interest rate for five years at 3.74%, variable interest for 25 years at 6.14%, Monthly Principal and Interest repayments and an LVR 80% and under. The savings represented are associated with the two per cent discount for the ING Green Renovation Loan from the five-year fixed headline rate of 5.74 per cent.
OUR IMPACT
Reducing residential carbon footprints
Australia’s existing 11 million homes are responsible for more than 10 per cent of total emissions and more than 25 per cent of electricity consumption.2
The majority of these homes were built before sustainability measures were included in construction standards and could benefit from technologies that help reduce heating, cooling and other energy needs.
Through the Household Energy Upgrades Fund (HEUF™), the CEFC is providing low-cost finance for best practice energy performance initiatives.
The tailored and discounted finance products developed with co-financiers are aimed at making it easier for households to tackle the home retrofit process.
2. Climateworks Centre, Renovation Pathways: Defining zero carbon homes for a climate resilient future, 2023.Helping households lower their carbon footprint is a critical factor in achieving net zero emissions by 2050. Our work crowding in additional private capital through the HEUF will help deliver a catalytic outcome providing low-cost financing together with a range of co-financiers for home upgrades that improve energy performance.Ian LearmonthCEO, CEFC
