CEFC and ING Partner for Affordable Green Home Loans, Boosting Household Energy Upgrades

The Clean Energy Finance Corporation (CEFC) has partnered with ING Australia to launch a green loan initiative designed to help homeowners finance energy-efficient upgrades at lower rates. Under a new memorandum of understanding, the CEFC will consider investing up to $75 million towards ING’s $150 million Green Upgrade Loan program, marking the third investment through the Household Energy Upgrades Fund (HEUF).

This financing collaboration aims to deliver a fixed rate of 3.74%—a 2% discount on ING’s standard fixed-rate home loans—for the first five years, which could save customers up to $5,000 on a $50,000 loan for clean energy upgrades. The program offers eligible ING mortgage customers access to loans up to $50,000 for installing energy-efficient technologies like solar panels, inverters, and battery storage systems to enhance their homes’ energy performance and cut emissions.

The loan package also includes the Home Energy Helper, an advisory tool powered by BOOM! Power, which recommends optimal energy technology upgrades based on each household’s specific needs. This tool simplifies the decision-making process by providing customers with tailored clean energy solutions aimed at reducing energy costs and emissions.

CEFC CEO Ian Learmonth emphasized the importance of household upgrades in meeting Australia’s 2050 net-zero target, noting that homes contribute over 10% of the nation’s emissions and 25% of electricity consumption. “This fund is key to mobilizing private capital to achieve substantial impacts in household energy improvements,” he said.

ING Australia CEO Melanie Evans highlighted the need for accessible and hassle-free green financing, acknowledging that complexity in the retrofitting process has been a barrier for customers. “With customer-focused feedback, we designed the Green Upgrade Loan to remove these challenges, enabling more Australians to enhance their homes’ energy efficiency easily,” she said.

Backed by $1 billion from the Federal Government, the CEFC’s HEUF is designed to accelerate energy-efficient upgrades by providing discounted finance through various co-financiers, ranging from traditional banks to fintech innovators. To date, the fund has received over $850 million in green loan proposals and has committed $220 million across multiple projects. Additional financing initiatives are expected in 2025, broadening the range of green finance products available for homeowners, renters, and strata properties.

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