Interest-Free Solar Loans NSW: Panels and Batteries

Updated: July 23, 2022

Solar panels and batteries are expensive, but with the raising cost of power in NSW you cant afford not to install solar.

The NSW state government offers its residents an interest-free solar loan worth up to $14,000 for solar panels and batteries. Residents can also access a $9,000 interest-free loan to retrofit existing battery systems which is repayable in ten years.

These interest-free loans will help NSW residents fight climate change with the increased use of available renewable solar energy. You must meet the set eligibility criteria to access the loan.

Interest free solar loans NSW

NSW has two interest-free loans. There is a $14,000 loan that NSW residents can access to purchase rooftop solar panels and solar batteries. It is payable in eight years.

The second loan available is worth $9,000. It is payable in eight years. Applicants to this loan use it to retrofit existing solar batteries.

Eligibility Criteria

  • Live in participating postcodes.
  • Have an annual household income of less than $180,000.
  • You must be the registered owner of the house to install the solar system on. You must also live in the house.
  • Your home must be connected to grid electricity.
  • Pass the credit assessment.

How To Apply For The Loan

  1. Find a Clean Energy Council accredited solar retailer or installer and get a quote.
  2. Upload your quote to the Plenti portal which will start an eligibility assessment.
  3. Once the loan is approved, it will be channeled to the solar retailer. You will then pay the remainder of the purchase price and the solar panels will be installed in your home.

Important Information About The NSW Interest-free Solar Panels And Batteries Loans

  • To qualify for the battery-only loan, you must have an existing solar system that you would like to upgrade.
  • The program does not have an option for solar panels only.
  • Businesses are not eligible to apply for a loan.
  • Solar batteries are ideal for homes that consume large amounts of electricity even when they have implemented other energy-saving methods.

Benefits Of Solar Panels And Battery

  • Durability. Solar systems last 25 years. It provides many years of cheap or free energy depending on your lifestyle and solar system.
  • No maintenance. Apart from an annual cleaning to remove dust, solar panels require little maintenance.
  • Quick return on investment. Depending on your power usage, you are likely to make enough savings to cover the cost of installation in 5 to 7 years depending on the size of the solar system.
  • Eco-friendly since you use renewable sources of energy and rely less on fossil fuels.
  • Energy independence.
  • Plenty of sunshine ensures that your solar system can provide sufficient electricity to power your home.
  • Federal and state government programs make it easy to acquire and install solar panels.

Factors To Consider Before Applying For The NSW Interest-Free Solar Loan For Solar Panels And Batteries

  • Power consumption. How much power you need every day determines the type of solar system you need. The more electricity you consume, the larger the solar system you need.
  • Lifestyle. How long you spend at home determines the suitability of solar power. If you are only home at night, you may not need a solar system. For people who spend a lot of time at home during the day, solar systems are preferable.
  • Location. If you have plenty of sunshine, your solar panels will provide sufficient power. Most of Australia is suitable for the installation of solar systems.

FAQ's

You need to provide proof of income to pass the credit assessment. Proof of income also provides proof that you can pay back your loan. You will provide recent tax assessments and a copy of your bank statement.

You will also have to provide identification documents and address. They will also be used to prove that you are the owner of the beneficiary home to install the solar panel and batteries.

To get a good deal, visit several accredited solar system retailers. Collect as many quotes as you can until you have the best system at an affordable price.Gosolarquotes.com provides you with three quotes at the comfort of your home.

Additionally, ensure that you are working with an accredited retailer and accredited products. Accredited installers are skilled and licensed for the job. Accredited products are high quality and more efficient.

Plenti is the exclusive financial partner in the first phase of the program. The conditions which include the payment schedule and amounts will be sent to you via email. You can contact Plenti with a request for a special payment method or any complaints.

The loan periods provided indicate the payback periods of the solar systems and batteries. The latest solar panels and batteries have a shorter payback period than those manufactured a few years back.

Even when you move from the house, you have the responsibility to clear the loan.