Plenti Group Limited, a FinTech company specialising in providing innovative financing solutions, has announced the launch of its HEUF discounted green loans.
The company has secured up to $60m in funding from the Clean Energy Finance Corporation (CEFC), the inaugural financier for the Federal Government’s $1bn Household Energy Upgrades Fund (HEUF). This landmark programme aims to reduce the cost of clean energy technologies, improve household sustainability, and lower energy costs for eligible customers.
Plenti, known for its expertise in managing government funding programmes, will use this investment to support consumers in lowering their power bills and reducing their carbon footprint by offering lower-cost finance.
Daniel Foggo, CEO of Plenti, expressed his enthusiasm, stating, “Plenti is delighted to have been selected by the CEFC as the inaugural financier under the HEUF program. We have significant experience at running important government funding programs to help Australian households de-carbonise, and I am confident that we can play our part in ensuring this program successfully helps Australian households decarbonise.”
The HEUF, announced in the 2023-24 Federal Budget, is designed to help consumers access cheaper home energy solutions and affordable finance. Following extensive industry consultation since its commencement in December 2023, Plenti was chosen to provide discounted rates off its standard green loans to Australian households.
Ian Learmonth, CEO of CEFC, commented on the impact of this initiative, saying, “Our first investment from the $1 billion HEUF has the potential to have a significant impact on consumer behaviour, providing choice of technologies and discounted finance and encouraging homeowners to invest to improve their home energy performance.”
Through Plenti’s extensive network of accredited partners and installer firms, Australian consumers will benefit from rate discounts on green loans for the purchase of eligible solar battery systems, energy-efficient equipment, and additional discounts for signing up to a Virtual Power Plant (VPP). Loan terms of up to 15 years are also available to better align repayment periods with the life of the equipment purchased.
Learmonth added, “Increasing the uptake of renewable energy, storage and related infrastructure is critical to Australia’s net zero ambitions and clean energy transition. The installation of more rooftop solar PV, home batteries and energy efficiency equipment will help unlock additional capacity, better manage energy demand and ultimately contribute to a stronger, more reliable grid.”
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