Interest-Free Solar Loans VIC: Panels and Batteries
Victoria is one of the best places in Australia to install solar. There is ample sunshine and a majority of the households are already enjoying the benefits of solar power.
To encourage the uptake of solar systems, Victoria state has $1.3 billion to offer as interest-free loans to new solar customers. Victoria offers a solar rebate for the purchase of solar panels. The interest-free loan is equivalent to the value of the rebate and must be paid back in four years.
The interest-free loan will help ACT residents fight climate change with the increased use of available renewable solar energy. You must meet the set eligibility criteria to access the loan.
The interest-free Solar Victoria loan is equivalent to the solar rebate provided by the Victoria state government. All those who receive the loan must pay it back in four years.
Victoria offers a maximum rebate worth $1,400. Thus, depending on the size of the solar system you purchase, you are likely to get a $1,400 interest-free loan.
To be eligible for the Solar Victoria loan, you meet the following criteria.
- A household must have a combined annual taxable income of less than $180,000.
- You are an owner-occupier of a home worth up to $3,000,000.
- You should not have a solar system installed. If you do, it must have been installed before November 1, 2009.
- A household can only apply for the loan and claim a rebate once.
- You must choose an installer approved by Clean Energy Council. The panels you buy should also be council-approved.
How To Access The Loan
- Find a Clean Energy Council accredited solar retailer or installer and get a quote.
- They will then upload your quote to the Solar Victoria website which will start an eligibility assessment.
- Upload proof of income and rates notice to confirm your eligibility for a solar rebate and the loan.
- Once you are cleared to receive, the loan and the rebate 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.
Factors That Influence How Much You Receive In Interest-Free Solar Loan In Victoria
The Size Of Your Solar System
The price of solar systems is determined by their capacity. The higher the capacity, the more solar panels you require and the more you pay.
The larger a solar system is, the higher the price and the higher the rebate you get when you purchase it. The interest-free loan is equivalent to the amount of rebate you get.
Value or Cost Of STCs
STCs or small-scale technical certificates determine the value of the rebate offered. The value of STC is pegged on the price of carbon. The price fluctuates depending on market demand and supply.
Therefore, if you buy your solar panel when the price of carbon is high, you are likely to receive a large rebate. Therefore, you will receive a large interest-free loan.
The number of STCs you receive is based on the size or price of the solar system. The larger the system, the more STCs you get, the higher the rebate, and the higher the interest-free loan amount.
The Value Of The Rebate
The solar rebate value in VIC is calculated based on the size of the solar panels, your location, and the number of STCs you get.
The Clean Energy Council divides Australia into four based on the amount of sunshine a region gets. Sections 1and 2 receive more sunshine than sections 3 and 4. Therefore, residents of sections 1 and 2 have a higher rebate value for their solar panel purchases.
These sections also determine the number of STCs solar customers will get to calculate their rebate value.
Victoria is in section 2. Solar panels installed in the region are highly efficient. Thus, Victoria’s solar customers will receive higher rebate amounts.
The value of the Victoria solar rebate is $1400. Thus, new solar customers can access a loan of up to $1,400 when they buy their solar systems.
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 When Installing Solar In Your Home Or Small Business
- 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.