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Low interest green loans for solar power!

Would you like a home solar power system or solar hot water service, but even with the government rebates and grants available you don't have quite enough cash on hand? Low interest loans are available!

Australian Government Green Loans Program

Newsflash - The Australian Government's Green Loans Program was providing interest-free loans of up to $10,000, but on Friday afternoon, February 19, 2010, the Australian Government announced sweeping changes to its Green Loans Program and it appears the loans will no longer be offered from late March. For those people who have already commenced the process, the Federal Government has clarified that it will honour all complying Interest Free Green Loans that have had their loan contracts signed on or before 22 March 2010

Alternatives - green loans directly from banks

Many financial institutions now offer green loans to their customers at lower rates! Here's a selection of products not tied in with the Government Green Loans program from financial institutions in Australia; offering low interest loans for the purchase of solar energy systems.

Hunter United Credit Union Green Saver Loan : Low interest green loans of $2,00 to $20,000 are available to purchase solar power systems, water tanks, insulation and other households improvements designed to achieve economic and environmental savings. Up to 5 year loan term.
Bendigo Bank - Generation Green Personal Loan
Savings and Loans - Green Personal Loan
Community First Credit Union
MECU - goGreen® home improvement loan
Community CPS Australia - Enviro Loans

As always, when selecting a bank or other financial institution for a green loan for solar power, be sure to read all the terms and conditions carefully before signing any contracts.

As mentioned in our solar power consumer guide, it appears some people are also re-financing their mortgage in order to install an expensive solar power system. This is something we strongly recommend against as the system could cost you many thousands more over the term of the mortgage and at times the interest will work out to exceed your electricity bill savings. It's wiser to opt for a smaller system that you can afford outright or take out a loan you can pay back in a relatively short time and then build on the system at a later date.