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 – or through Energy Matters, pay no interest ever, with our payment plan option!
Adding a solar panel system to your home loan
Another low interest alternative is to add the cost of a solar panel system system to a home loan as your mortgage can often offer the lowest interest rate available.
For example, pay a “buy now” price of $7,499 (at the time of publishing) for a quality 3kW system and your average monthly payments will be approximately $60 – but your average monthly savings will be $83* – over 20 years, that translates to thousands of dollars of clear savings.
*Note: this example is for general illustration purposes only and should not be construed as financial advice in relation to your own specific circumstances. The assumption is based on adding $7,499 to a $321,000 mortgage with 20 years remaining at a 7.50% interest rate. Average savings based on most capital cities. Use our instant solar quotes tool to find out how much you can save.
Energy Matters strongly recommends anyone considering adding the cost of a solar system to their mortgage to seek independent financial advice before doing so.
Payment plan vs adding to a home loan
Whether our payment plan (pay no interest ever) or adding the price of a solar power system to your home loan is best for your circumstances is something you’ll need to decide, but our solar finance options infosheet or following video may be of value in assisting with your decision.
Other low interest alternatives – green loans 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.
- People’s Choice Credit Union – Green Personal Loan.
- Community First Credit Union – A Community First Green Loan can be used to finance the purchase of 5 star rated environmentally friendly products. This includes solar hot water and solar panel systems.
- 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.