You don’t have to beg, borrow or steal to get solar panels on your home or rental. With an ever increasing number of options available for every type of house and family, there’s never been a better time to invest in something that increases property value and can greatly decrease your power bill. Here are a few ways you can finance that new solar system you’ve been thinking about.
Affordable Solar For Renters
1. Solar for Rentals Government Trial
The Queensland Government is offering select rental property owners in Townsville, Bundaberg and Gladstone financial incentives of up to $3500 on solar installations. The trial offers a way for renters to reduce their bills by working with their landlords.
Not in the right catchment area for Government rental trials? SunTenants was recently acquired by Solar Analytics and offers a solution for renters and property owners across Australia to negotiate solar contracts. By reducing renter power bills and increasing rent proportionately with an especially designed solar rent contract, both parties win!
Affordable Solar For Homeowners
1. Claim Government Financial Incentives
Most Australian states offer a range of financial incentives for homeowners who want to make the upgrade and lower their power bill. These incentives are calculated based on the estimated output of the solar system you choose. Check which incentives apply in your area on the state government website.
2. Redraw or top up your home loan
If you’re already paying off a mortgage, you can either redraw against over-payments on the loan, or talk to your bank about a top up loan for home improvements. Using your existing loan to finance solar means you’ll be paying quite a low interest rate overall, which means more savings for you.
3. Apply for a green loan
Green loans are especially designed to help businesses and homeowners invest in renewable and sustainable ways of improving their home or business. With many options on offer, they’re a common option for people who plan to invest in solar. Talk to your solar installer or a broker about your options to invest in a green loan.
4. Apply for a home improvement loan
Another option is applying for a home improvement loan which has broader conditions attached. Another common way of financing solar, home improvement loan options can be a great fit for anyone also looking at further renovations. Talk to your solar installer or a broker about your options to invest in a home improvement loan.
5. Pay Upfront
If you’ve already got the finances or you’re looking to invest in your property, upfront payment is one of the best options. This way, you’ll be seeing clear savings immediately after your solar is switched on. With no loans or extra costs to worry about, you’ll have more room in your budget for the things you love.
Funded Solar for Community Groups
If you’re looking for solar options to suit a non-profit or community group, there are a range of grants available, as well as groups such as Citizens Own Renewable Energy Network Australia Inc. (CORENA) who provide supported funding and loans for those looking to save with solar but don’t have the budget.
As you can see, there are options to finance your new solar installation no matter your circumstances or budget. If you want to know more about what’s involved in solar installation, get in touch with our experienced team at Proven Energy.