Solar loans is finance used to install solar panels, batteries and subsequently any electrification throughout your home. They help carry great environmental benefits as well as helping to reduce your energy bill.
When getting solar panels and batteries in your home we typically recommend using government grants & subsidies. Not only will they lower your cost, but government subsidies loans typically carry no interest or lower interest rates that what can be offered from a typical lender.
Should this not be available, we recommend as the next step a loan against the equity available in your home. Typically a unsecured solar loan will have an interest rate higher than a mortgage rate. Additionally, certain lenders such as CBA and Suncorp have special ‘Green Home Loan’ products which give lower interest rates across your entire home loan. These are lender specific loans. It is important to note that we still recommend going over a 7 year loan term for this option instead of a 30 year loan term like a typical mortgage. Though you will have a lower interest rate with an equity loan, a 30 year loan term will result in more interest paid than a 7 year unsecured solar loan.
Should this second option not be available then only will we recommend an unsecured personal loan to be used for the installation of solar panels, batteries and whole home electrification.
No. We recommend using government grants and subsidies loans first as they carry better interest rates and fees
Yes. You can install solar panels and batteries after your home has been built.
Solar loans can be used for solar panels, batteries and any electrification throughout the home such as installing an EV charger, induction cooktop or electric heater.
Yes. Even if we can’t apply directly on your behalf we can help guide you to how to apply.
Solar systems last about 25-30 years. Keep in mind the efficiency typically declines throughout the years
This is something the installation company can calculate using your latest energy bill. Typically they will fit a system that meets your energy needs
Having bad credit is something we can work around. We deal with these applicants frequently and can guide you to the best lender option for your circumstance
Yes you do need to be the property owner or have the property owners permission to be able to install a solar system
