Victorians get interest-free loans for solar power systems

Under a new government program, tenants across Victoria will be able to negotiate to install solar power systems on rooftops with their landlords. This comes as measurements put in place under the program, intended at subsidising installation costs.

Interest-free loans will be available for those looking to implement solar panel installations, designed to make cleaner, cost-effective energy sources more affordable for tenants and landlords.

Head of the Solar Homes Program Minister Lily D’Ambrosio said last Monday that eligible households can submit applications to snatch up a maximum of $1850 to amplify current rebates for Victorians who involve renewable empower into their energy sources.

Back in 2019, D’Ambrosio said the Solar Homes initiatives were working hard to make the state’s energy system more affordable, resilient and as secure as possible.

“We promised to put power back in the hands of Victorians and that’s exactly what we’re doing – helping Victorians to save hundreds of dollars a year on their energy bills.”

Fast-forward to 2020 and D’Ambrosio said these new support factors are “good news for renters, whose ability to participate in solar programs was limited because they didn’t own homes and couldn’t make the modifications on their own.”

“We know renters often dream of the change to cut their energy costs and this expansion will help thousands get that chance,” she said. “Not owning your own home shouldn’t stop you from having access to cheaper, cleaner solar energy.”

The facts and figures behind the loan

  • Landlords can work with renters to use a loan repayment system that lets both parties put $19.27 each a month towards the panels, allowing them to reduce bills by up to $74 a month.
  • As noted by The Age, if this system costs under $3700, there’s zero upfront costs to new installations as well.
  • For households earning a combined taxable income of over $180,000 residing on a priority that’s valued at more than $3 million are not eligible for the loan.

Repayments for the loan are required to be paid within four years.

Find out more about solar power systems available in your area by visiting our dedicated page or by calling 1800 EMATTERS.

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