With the price of electricity through the roof these days, it’s no wonder that Australia has become a world leader in the domestic adoption of solar panels.
Australia has the highest uptake of solar globally. Figures from the Clean Energy Regulator show that more than 2.68 million rooftop solar power systems have been installed in Australia in total, – that means one in four homes have solar panels on their roof!
This popularity has been accompanied by an increase in options to finance their purchase and installation.
Several lenders now specialise exclusively in providing funds to encourage energy-efficient strategies and products. These are not necessarily confined to solar panels and can include technologies that offer power usage minimisation, power storage and water efficiency.
Finding the right loan, however, can be confusing which is why it’s valuable to use a broker to help find the best market rates, negotiate with green lenders on appropriately structured loans, and gain fast approval.
Here’s an overview of the two main options for funding energy efficiency.
Green personal loan – This is a loan exclusively for green purchases of solar panels and storage batteries. Once the right lender is found, you can have your solar panels installed almost immediately. It’s an increasingly competitive area for banks, so this means it can be a great opportunity to find a deal.
Government rebates – Rebates for solar panels have been especially popular across the country and there are financial incentives available from federal and state governments. Be aware, however, that you might need to meet specific criteria to be eligible for a rebate.
This article is provided for general information only and does not take into account the specific needs, objectives or circumstances of the reader. Before acting on any information, you should consider whether it is appropriate for your personal circumstances, carry out your own research and seek professional advice.