One of the hottest news topics at the moment is the government’s second economic stimulus package. An area of particular interest for home owners and owners of investment properties are the insulation and solar hot water incentives.
Why insulation and solar hot water is included in the stimulus package
Firstly, the installation will create thousands of jobs, help millions of households reduce their energy use and cut their power bills by between $200 and $700 a year, and increase the comfort and value of their homes.
Greenhouse gas emissions will also be drastically reduced, equivalent to taking one million cars off the road. Water heating is the largest single source of greenhouse gas emissions from the average Australian home, accounting for around 28 per cent of home energy use (excluding the family car).
But what exactly has been proposed and how will you benefit?
The non-means tested package includes:
• A $1,600 rebate on ceiling insulation for owner-occupiers; OR
• A $1,600 rebate on the cost of installing a solar hot water system.
There is also help for renters, with up to $1,000 available to help landlords or tenants install ceiling insulation in rental properties.
Insulation for the average home costs around $1,200 so this means that there will be no more for the home owner to pay as the rebate covers 100 per cent of this. Solar hot water can be installed from around $1,400 after the rebate.
You have until 31 December 2011 to arrange your insulation. The solar hot water rebate is rebate is available until 30 June 2011. With potentially over two million homes cashing-in on this initiative, supply may be strained and cause waiting lists.
Prosper Group has access to installers with preferred supply arrangements. For more information please do not hesitate to call us on 1300 664 373.
