The Federal Government has been called to fund the Electrify Everything Loan Scheme (EELS), a loan proposal developed by Rewiring Australia market transformation manager Francis Vierboom. The proposal aims to help all Australian residences to install solar panels, batteries, efficient electric appliances and an EV.

The EELS proposal holds as the centrepiece of Rewiring Australia’s recent release 2024-2025 Pre-Budget Submission to the Australian Government.

By rolling out EELS, loans would be slated to be secured on the property title, indexed to inflation and repaid on the sale of the property, giving every property owner a simple and attractive way to unlock the cost-of-living savings offered by electrification.

“The national investment case for universal electrification finance is undeniable, if we move aggressively to electrify homes and vehicles, consumers will save $1.1 trillion by 2050, and if funded by flexible finance like EELS, the real cost to the budget will be just one-twentieth of the consumer savings,” Rewiring Australia chief scientist Dr Saul Griffith says.

“One-third of households have already invested in rooftop solar, which generates at 5% per kilowatt hour, which makes it the world’s cheapest energy. Australia can go from being the world’s leading rooftop solar nation to becoming number one in electrification, which is the most powerful climate solution available.”

The release calls for a $2.8 billion expenditure on budget over the next three years to establish EELS and deliver complementary policies to reduce the costs of electrification for consumers and maximise public benefits.