$1b insulation fund launched

The fund, which also includes a one-off electricity rebate to all New Zealand households and a targeted one-off cash payment, is part of a substantial climate change package.

It is hoped the energy initiatives will help Kiwis use less energy and assist them to pay their power bills, especially in a time where energy prices are increasing.

“We are establishing a $1 billion fund to help New Zealanders make the most efficient use of energy possible. The fund will be targeted accordingly to energy needs and income. These extra efficiency measures will start in 2009, a year ahead of electricity coming into the Emissions Trading scheme,” Climate Change and Energy Minister David Parker said.

“This investment will mean more New Zealanders than ever before can enjoy the benefits of a well-insulated home and efficient heating. It helps New Zealanders improve the environment and reduce their energy costs.”

Parker has said all households will receive a one-off electricity rebate in 2010 to help with power bills and those on benefits, superannuation schemes and Working for Families tax credits will also receive targeted, one-off cash payments.

The Energy Efficiency and Conservation Authority (EECA) is set to administer the insulation fund.

The fund is part of the Climate Change (Emissions Trading and Renewable Preference) Bill, which will return to Parliament for a second reading, following an agreement on a climate change package with support parties.