Solar panels installed on a roof by Sunrays Power

Are you planning to finance your solar system because you can’t afford cash? Or are you planning to finance your solar because you want to save cash for upcoming commitments? Or, are you simply not keen on going with the finance companies we offer?

Well, here are a few alternative ways you could finance your solar power system:

  1. Taking out a loan (secured or unsecured).

Borrow money from your favourite financial institution whom you have always trusted. Make sure you are fully aware of your obligations under each alternate loan as well as the comparison interest rates, they may charge you.

2. Make solar a part of your home loan.

Speak to your bank representative about your options regarding adding solar to your home loan. This would keep your payments consolidated and might help you keep track of payments easier. However, in order to go down this route, you will need to talk to your bank and go through the process of refinancing the home loan.

  • Take out a special green loan offered by credit unions, banks or other financial institutions.

Here are some of the ones we could find with a simple google search:

Bendigo Bank Personal Green Loan: https://www.bendigobank.com.au/personal/personal-loans/unsecured-green-personal-loan/

Community First Credit Union Green Loan: https://www.communityfirst.com.au/personal/green-loans

Hunter United Credit Union Green Loan https://www.hunterunited.com.au/products/personal-loans

WAW Credit Union Green Loan: https://www.wawcu.com.au/Products/Personal/Other-Loans/Green-Initiative-Solar-Loans.aspx

Please note, these lenders may have additional process and requirements for you to complete. As they are established financial institutions, they might not be willing or flexible in approving your application if you have a low credit score or are unable to provide all necessary paperwork.

Like our previous blog post about Financing Your Solar Investment, if chosen wisely, the repayment of the solar system could be cheaper than how much you could save from your electricity bill! Just make sure that you don’t to fall into the trap of interest free loans. Remember there is no free lunch.

Contact us to make your financing process easier.

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