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Interest Free Loans for Solar to Ease Cost of Living

Northern Beaches Mayor and Independent Candidate for Wakehurst, Michael Regan, has launched an ambitious policy to help households reduce their power bills by accessing interest free loans to install solar panels.

Households installing average rooftop systems (costing $10,000) would reduce their electricity bills by approximately $2000 each year. After loan repayments of $1000 per year, households would save around $1,000 each year.

Michael Regan says ten-year interest free loans up to $15,000 gives households capacity to future-proof their homes.

“There’s no doubt that the rising cost of living is hitting us all hard and the one consistent thing I’m hearing when I speak to the community is that energy bills is one of the areas it’s hitting hardest” says Michael.

“At the same time, people are wanting to install solar panels but the cost is out of reach for too many.  Under this scheme, the State Government would provide a fair and equitable arrangement for everyone to have access to the funding - regardless of where they live”.

The average householder is estimated to save $12,116 over the ten-year loan period.  This rises significantly to nearly $70,000 over the typical 25 year warranty of solar panels.

As well as the economic benefits of the scheme, Michael also points to the environmental gains too.

“The average householder will reduce CO2e emissions by 11 tonnes and 30 tonnes respectively, over the ten-year loan and 25 year warranty periods” he said. “This is a win for the hip pocket of consumers and a win for our environment.”

If elected as the next Member for Wakehurst at the State election on March 25th, Michael will be championing this position with the government of the day to deliver this initiative across the state without postcode qualification and without salary caps. 

And if fortunate enough to be in a position to determine the next government, then this would be a key component of any discussion with leaders of both parties.

“First and foremost I’ll be looking to see who can provide stable and fair Government, then beyond that I’ll be looking at which party can provide the best outcomes for the people of Wakehurst and indeed for communities across the state” he said.

“These interest free loans are a simple, smart solution to both the rising cost of living and the impact of Greenhouse emissions”

Lower Energy Bills is one of the 6 key policy areas that Michael will be focussing on over the course of his campaign for the state seat of Wakehurst.

Michael will be focusing on 6 key areas:

  • Fixing the Bottlenecks – addressing significant traffic congestion and public transport problems on the Northern Beaches;
  • Housing Affordability – provide better housing options for all, from downsizers to first home buyers to housing for our essential workers;
  • Lower Energy Bills – make rooftop solar power more affordable by offering $15,000 interest-free loans without a cap or postcode qualification;
  • Climate Protection – Proper planning to protect our homes and community from inundation/coastal erosion, flooding and bushfires;
  • Vibrant Communities – Ensure the planning for Frenchs Forest and Brookvale deliver vibrant urban centres with appropriate infrastructure and fantastic public facilities;
  • Health and Education – Fund and support our vital healthcare, NDIS, aged care and public education workers and support our mental health services.

Michael Regan’s announcement comes on the back of a move by Northern Beaches Council to negotiate with two shortlisted providers for a 100% renewable electricity group Power Purchase Agreement (PPA) for Northern Beaches businesses.

“We’re a progressive community who care deeply for our environment. This opportunity will support local businesses to join forces, save money and ultimately reduce their carbon emissions – it’s a great model and we’re glad we can help get this initiative off the ground.” Mayor Regan said.

The State election will be held on Saturday 25 March. 

For more information about the election, including postal voting, pre-poll voting & Michael Regan’s policies, visit

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