Solar Finance – Leasing, Interest free and Low interest

New solar finance options are now making owning your own solar power system more accessible. With over 1 million solar systems installed across Australia, a large number of people and businesses are looking at how they can go solar. Green Energy Options has just launched a couple of exciting new solar finance solutions, so we thought it would be a good time to take a closer look at some of the different options available to you, if you’re thinking about installing some solar panels . Why rent your power supply when you can now take ownership through solar? Let’s take a look at what’s on offer.

Pay for you solar upfront

One option is to pay cash for your solar system. Most solar businesses will require an upfront deposit, with the balance payable on installation, normally with the STC’s (Small-scale Technology Certificates) given as a point of sale discount. Green Energy Options require a 10% deposit with balance due on installation. We would suggest being wary of solar companies asking you to pay everything upfront or large deposit amounts, as this can leave you exposed if something goes wrong.

Financing solar through your home loan

One popular and generally low interest way to pay for a solar system is to finance it through your home loan. In some cases the additional repayments on a home loan are outweighed by the electricity bill savings received from the solar system. Adding the solar system onto your home loan can be a great way to start saving money with solar, while preserving your month to month cash flow. *The information provided above should be considered general in nature and should not be considered personal advice. Green Energy Options recommends seeking professional financial advice before making any decisions around financing your solar system.

Interest Free Solar

Interest free payment plan

Green Energy Options can now offer a 6 month interest free payment plan for those wanting to install a solar power system on their home. With $0 upfront and a quick online approval process, most applications are confirmed within minutes. This can be a great way to buy some time while organising finance through your home loan or to spread the initial cost of the solar system across a six month period, helping with your week to week cash flow. Green Energy Options has partnered with ASM Money and GEM Visa to provide this interest free option. Contact us on 1300 931 929 for more info. *Available for approved applicants only, conditions apply, $99 annual fee.

Commercial solar lease

Another exciting new finance option Green Energy Options can now offer to business is a commercial solar lease.  In 2012, in California, a recent study showed that 75% of all residential solar systems installed were leased. The leasing model helps to lower the barrier to adopting solar, making the process fast, simple and takes away the hurdle of a large upfront payment. Leasing has a number of advantages for business, the lease payments are often 100% tax deductible** cash flow can be conserved and maintenance responsibilities outsourced. With $0 upfront, up to a five year lease, next day approvals and with end of term options including; buy the system for a small amount, continue to rent, or upgrade, leasing provides flexibility. The commercial lease is provided through ASM money and Thorn Equipment Finance. Contact us on 1300 931 929 for more info. **The information provided above should be considered general in nature and should not be considered personal advice. Green Energy Options recommends seeking professional financial advice before making any decisions around financing your solar system.

Solar Lease

Finance options coming soon

Green Energy Options expect to be able to provide a couple of other finance options towards the end of 2013. We are currently exploring a residential leasing product as well as a 24 month interest free option for homeowners. Keep your eyes peeled for more info.

Other Green Loans

Although the federal government low interest Green loans program is no longer available, there are a number of banks and financial institutions that are now offering low interest green loans, which are available to those installing solar power systems.  Below are a rundown of some of the options that are around at the moment:

Bendigo Bank’s Generation Green loans provide a discount off their standard interest rates for those making green improvements to their home. They offer both personal loan and home loan options.

BankMECU are also offering different home loan options if you are financing a home with sustainability features like solar panels. Check out their GoGreen and Energy Smart home loans for more info.

Hunter United have a green personal loan option for between $2,000 and $20,000 for up to five years, they also provide a green home loan option.

Community First Credit Union also has an attractive green loan option, you can find out more details here.

Victoria Teachers Mutual Bank offers a Green personal loan.

Some other institutions offering green loans include

Laboratories Credit Union

Manly Credit Union

Queensland Country Credit Union

PLEASE NOTE: The information included in this article is provided as a starting point when considering how to pay for a solar power system, it does not take into account your personal circumstances and Green Energy Options strongly recommends seeking professional financial advice and reading the associated terms and conditions before making any decisions on financing your solar system.

To find out more about our solar finance opportunities or for any solar power questions please contact Green Energy Options on 1300 931 929 or info@greenenergyoptions.com.au