How Can I Finance a Solar System?

Solar Energy Adelaide

The Benefits of Financing a Solar System

Installing solar panels is one of the smartest decisions you can make to reliably lower your electricity bills.

With a lifespan of over 25+ years, solar energy can reduce your electricity costs by 60-80% even more with a battery. However, the upfront cost of fitting solar panels can feel daunting.

That’s where financing comes in—it allows you to immediately start saving on energy costs without a large initial expense.

Here’s how financing works, the different options available and why it’s such a beneficial choice for installing solar panels on your home and commercial solar in Adelaide.

Solar Rebates: Your Built-In Discount

One of the biggest financial incentives to go solar in Australia is the solar panel rebate, which comes in the form of Small-Scale Technology Certificates (STCs).

These STCs are a discount on the total cost of your solar system.

The number of STCs your system generates depends on its size. For most residential solar installations, this rebate can reduce the cost by anywhere between $1,000 to $8,000.

And the best part is, you don’t need to do any time consuming paperwork to claim this rebate. Your solar installer will calculate and deduct the STC rebate from your system’s cost and which will be clearly outlined in your solar quote.

The number of STC’s that you are eligible for on a solar installation reduces every year on January 1^st, until being phased out all together by 2030.

So, the sooner you install solar, the bigger your rebate will be!

Solar financing allows you to make a simple switch…

If you are already paying an electricity bill, financing a solar system may actually be easier on your wallet.

Let’s look at an example:

Jenny, an average South Australian homeowner, is paying $1,832 per year in electricity costs or $35 per week. She decides to install a 7.9 kW solar system and finances the system using a low-interest Green Loan over 72 months. Jenny’s new solar system saves her $1,855 a year on her power bill, and her loan repayments are only $29 per week—less than her old electricity costs!

By financing her solar system, Jenny eliminates her power bill, and she is paying less each week on her loan than she used to pay for electricity.

Financing means she can start enjoying the savings from day one without needing to pay upfront.

Solar Finance Options:

Now that you understand the benefits, let’s explore the different ways you can finance your solar system:

Green Loans: Supporting Sustainable Choices

With the world moving towards cleaner energy, large financial institutions offer low interest loans specifically for environmentally friendly purchases such as solar. These loans usually come with low interest rates, making them a desirable option over taking out a personal loan.

For example, Commonwealth Bank’s Green Loan offers a fixed 10-year interest rate of 0.99% for their existing customers, making it one of the lowest rates available. Other great options include Humm Finance, Brighte and Community First Credit Union Green Loans.

These loans make it easy to install solar with manageable weekly, fortnightly or monthly payments that fit your budget.

Adding Solar to Your Mortgage

If you already have a mortgage, you can consider rolling your solar installation into your home loan. Mortgages generally offer lower interest rates than other forms of financing, which makes this a cost-effective option.

By adding the cost of your solar system to your mortgage, it consolidates your financial obligations into one easy-to-manage monthly payment.

Start Saving with $0 Upfront Solar

If you are weighing the cost of a solar installation against the potential benefits, rest assured that solar energy is a reliable, durable and efficient solution for reducing your energy costs.

With a lifespan of 25 to 40 years and minimal maintenance requirements, solar systems offer long-term peace of mind. Plus, modern technology ensures that degradation rates are minimal, meaning you can continue enjoying clean, renewable energy for decades.

Thanks to solar rebates and low interest loans, installing solar has never been more accessible.

With several finance options available, you can make the switch to solar with $0 upfront, start benefiting from energy savings immediately and use those savings to fund your next house reno or overseas adventure.

Solar Solutions tailored for South Aussies by Solar Energy Adelaide

At Solar Energy Adelaide we are a local, family run business who offer customised solar and battery solutions for everyday South Australians.

With free on-site solar consults, we are able to provide you with a solar solution that will meet both your current and future energy needs.

For home solar systems customised to your specific energy needs – both now and into the future – book your free solar consult with Solar Energy Adelaide.

Solar systems for your home or business

Solar power has become a staple for South Aussie homes and businesses. With rising electricity costs, solar installation offers long term savings and financial security with minimal maintenance and solar rebates available.

Solar batteries

Ready to gain energy independence? Dreaming of a day with a $0 power bill? With a solar battery for your home or business, you can store your excess energy and use it when you need it most.

Solar battery have become more affordable in recent years and can even be added to most existing solar systems.

Solar inspections and repairs

Worried your solar system is underperforming? If your solar system is not covering between 60-90% of your energy needs there is likely a problem that needs attention.

Our skilled technicians handle all aspects of solar system care, including solar panel repairs, solar inverter repairs and solar warranty assistance.