Introduction 

Why deplete your savings for solar installation when financing options abound? In Australia, more and more homeowners like you are discovering the financial wisdom of solar financing and aligning it with how you acquire other essentials in life, from vehicles to smartphones. 

The beauty of solar lies in its ability to self-fund. Opt for a finance plan for your solar setup, and you could see your investment paying dividends from the outset. What could be better than the savings from your reduced electricity bills outpacing your finance repayments? This outcome effectively makes your solar energy solution cashflow positive from day one. 

Buying solar on finance allows you to harness the power of the sun without upfront financial burdens. Through this guide, we’ll look into the myriad benefits of financing your solar panels and spotlight examples of how this approach can lead to savings, all while keeping your cash reserves intact. 

Is a 0% Interest Green Loan Right for You? 

Who Should Not Opt for Interest-Free Green Loans for Solar? 

Deciding on the best way to finance your solar system in Australia can be tricky, but interest-free green loans offer a compelling option for many. Here’s who might benefit most from choosing this path: 

• Homeowners on a Budget. If upfront costs seem daunting but you’re keen on solar savings, spreading the cost over time without interest can make solar accessible. 
• Energy-Savvy Consumers. For those who want to reduce their carbon footprint and save on bills without the initial financial burden. 
• First-Time Solar Users. New to solar? Interest-free loans can ease the transition without hefty upfront costs. 
• Future Planners. If you’re looking at long-term savings and sustainability but need to manage short-term finances, this is for you. 

In essence, if you’re looking to invest in solar without the immediate financial strain, an interest-free green loan could be your ticket to a greener future with all the benefits of solar power. 

Who Should Opt for Interest-Free Green Loans for Solar? 

While interest-free green loans for solar are a fantastic option for many, they might not suit everyone. Here’s who might reconsider this financing route: 

• Financially Ready Homeowners. If you have the savings and prefer to pay upfront to avoid any debt, sticking with a one-time payment might be more your style. 
• Seeking Maximum Long-Term Savings. Paying upfront can sometimes offer more significant long-term savings since you’re investing in your property’s value from day one. 
• Those with Alternative Financing Options. If you have access to other low-interest or beneficial financing options that might offer more flexibility or rewards, explore those first. 
• People Uncomfortable with Commitments. If the idea of monthly payments, even without interest, makes you uneasy, you might want to save up and pay in full later. 

Choosing the right financing for your solar system is about balancing immediate financial realities with long-term energy and cost-saving goals. 

Attractive Advantages of Getting Solar on Finance 

Slash Your Electricity Bills 

Adopting solar power through a green loan on a Zero-Interest Payment Plan (ZIPP) offers immediate relief from high electricity costs.  

With the average Sydney and NSW household electricity rate at $0.35 per kWh, a family of four typically shells out about $113 monthly, adding up to an annual hit of $1,827. Those in Adelaide and South Australia, where the price per kWh is $0.45, feel the squeeze even more, with yearly bills escalating to $2,279.  

If you live in Sydney and NSW, a 6.6kW system, starting at $5,500, can produce about 25kWh each day, trimming your bill by an impressive $1,950 annually. Opting for a 9.9kW system (41kWh/day), priced from $7,000, yields an even heftier cut—up to $3,200 yearly. In Melbourne and Victoria, you pay $4,990 out of pocket for a 10kW solar system that saves you $2,300 a year. To calculate your exact savings, use our Solar Savings Calculator. Simply input your energy usage and billing details and get an estimate of your savings with solar.savings with solar. 

These savings outweigh the manageable monthly administrative fee associated with a zero-interest payment plan, making the repayment phase—typically 4 to 5 years—feel like a breeze.  

Once the system’s paid off, you’re set to pocket pure savings for over two decades by capitalising on your solar system’s 25-year lifespan. This financial foresight positions you for a future of sustainable living and helping you manage the cost-of-living crisis. 

Preserve Your Savings 

Getting solar power is a wise environmental choice and a judicious financial move, especially when you opt for a green loan to facilitate the transition.  

Think of it this way: rather than forking out a substantial sum upfront, you can spread the cost over time with no interest nibbling at your wallet.  

Let’s break it down: opting for add-ons such as a premium inverter or a split array setup may add to the initial expense, but with a zero-interest loan, the costs of eligible green products are neatly parcelled into manageable monthly instalments. Even the higher ticket items, like a robust solar battery storage system priced around $9,990, won’t cause a dent in your day-to-day finances.  

By financing your solar setup, you’re not just equipping your home with renewable energy; you’re also investing in peace of mind.  

Your solar panels will dutifully pay back their value for over 20 years, providing substantial electricity bill savings that often exceed the loan’s monthly fee. With this balance of economic foresight and immediate financial security, you can enjoy the sunny side of life without financial worry. 

Shield Yourself from Electricity Price Inflation 

Switching to solar technology isn’t just about going green; it’s also a strategic hedge against the rising costs of electricity.  

There’s nothing better than protecting your household from the hefty price hikes that come with the annual revision of energy prices, like the 50% rise in wholesale prices you saw in July 2023. As coal and gas costs continue to climb, so too does the shape of our electricity bills – but it doesn’t have to be this way for you. 

Integrating solar panels and batteries into your home through a green loan sets you on a path towards energy independence. Instead of being at the mercy of network costs, which rose 5% to 10% in July 2023 and account for a significant chunk of your bill, your investment in solar begins to pay off immediately. 

And with the uncertainty of retailer tariffs, which can exceed regulatory increases, locking in your energy costs with solar technology isn’t just smart – it’s essential. 

Now, picture your home running efficiently on solar power, your energy sourced directly from the sun – no middleman, no hidden fees, just straightforward savings.  

By opting for solar with a green loan, you can start small and expand your system later, ensuring that by the time the next price revision rolls around on 1 July 2024, you’ll be comfortably generating your own clean, cost-free electricity. 

Drawbacks of Interest-Free Green Loans for Solar 

While interest-free green loans for solar provide many advantages, there are a few considerations to keep in mind: 

• Commitment Required. You’re entering into a financial agreement that requires regular payments, even during tough economic times. 
• Budget Planning. It’s essential to ensure the monthly payments fit comfortably within your budget, especially with the current cost-of-living crisis putting extra pressure on finances. 
• Long-Term Consideration. While there’s no interest, the commitment means you need to plan for the long term, ensuring you’re in a stable position to fulfill the agreement. 
• Impact on Future Financial Decisions. Taking on a loan, even an interest-free one, might affect your eligibility for future financing needs. 

It’s about balancing immediate benefits with your financial health and long-term plans. Always consider your personal circumstances before deciding. 

Interest-Free Green Loans with Plenti 

Plenti is Solar Run’s finance partner through whom you get interest-free green loans. What are the best bits about partnering with Plenti? 

• They are Australia’s #1 consumer lender. 
• They surpass other personal lenders in terms of 5-star reviews. 
• They allow you to borrow $30,000 and repay it over 6 years (or 10 years if you choose a battery add-on). 
• They’ve helped 17,000+ households with $120M+ in solar and home battery loans. 
• They’ve funded $249M+ to help Australians with their renewable energy projects.  
• You can complete your application in 10 minutes and receive your funds in 2 days. 

Why Apply for a 0% Interest Green Loan? 

A no-interest green loan makes buying and installing solar energy products in your home much easier for the reasons listed below: 

• Straightforward Budgeting. With ZIPP, you get absolute clarity on loan costs, allowing precise budgeting to the last cent. 
• Shield Against Rate Hikes. Lock in your borrowing without the worry of interest rates climbing unexpectedly. 
• Expand Your Borrowing Power. Borrow more without additional costs, thanks to a simple monthly fee structure. 
• Flexibility for Early Repayment. Utilise energy bill savings to pay off your loan sooner without incurring early repayment penalties. 
• Generous Borrowing Limits. Access up to $30,000 for your green initiatives with the freedom to repay over a period of 3 to 6 years, or even 10 for battery storage. 
• High Approval Odds. With a 90–95% approval rate, a ZIPP opens up a world of renewable finance possibilities. 

Are You Eligible for a Zero-Interest Payment Plan (ZIPP)? 

You are eligible for a ZIPP on your green loan with Plenti if you fulfil these requirements: 

• Age. You are 18 years or older. 
• Citizenship. You are a citizen or permanent resident of Australia. 
• Documentation. You possess valid identity proof (driver’s licence, Australian passport, or Medicare Card). 
• Home ownership. You have your own home or are in the process of purchasing your own home. 
• Credit score. You have a good credit history. (Credit scores of 700 and above accelerate the approval process.) 
• Work/retirement situation. You work 25+ hours a week, are retired and self-supporting, or collect a state-funded pension. 

Get in Touch 

Are you interested in buying solar on finance? You might be full of questions, that’s natural. Our solar experts at Solar Run are ready to answer them for you with clarity and simplicity. Send us a message with your queries and we will be in touch with you. We also offer a free, no-obligation quote projecting your costs and savings. Armed with complete and accurate information from us, you will be able to decide if buying solar on finance is right for you.