How new HomeBuilder grant could help cut your power bills
Build a more energy-efficient home at no extra cost thanks to new HomeBuilder grant.
The federal government’s new $25,000 HomeBuilder grant will make it easier for Victorians to include energy-efficient features in new homes or renovations, which could save them thousands of dollars on their power bills in the long term.
While the extra up-front cost of features such as rooftop solar systems, back-up batteries and double glazing can be prohibitive for those building a house or undergoing a major renovation, industry experts say the additional $25,000 provided by the new grant means such energy-saving additions can be included effectively cost-free to the home owner.
More than 8000 people have rushed to register interest in the HomeBuilder grant in the first few days since it was announced. Designed to help the residential building industry recover from the economic shock of the COVID-19 crisis, the grant provides owner-occupiers $25,000 towards the cost of building a new home, up to the value of $750,000. The same amount is also available for substantial renovations, valued at $150,000 to $750,000, on existing homes worth up to $1.5 million. The grant is available to those with an annual income of up to $125,000 for individuals, or $200,000 for couples, and on contracts signed before 31 December, 2020.
While the grant could fund a luxe marble bench-top for your kitchen, it may be better spent on reducing your energy bills and greenhouse emissions, according to building experts.
They say the grant can fund sustainable home features as part of your overall project, including such things as a solar power and battery system, draught-sealing, insulation and heat-pumps for heating, cooling and hot water, and more to ensure your home is energy efficient.
Tania Phillips, general manager of business development for RACV Home, says although people want to do the right thing for the environment, some are put off by the up-front costs of energy-saving products such as solar power and batteries.