What these incentives are and how do they work?
Renewable energy, especially sunlight ☀️, is receiving significant attention in developed countries such as Australia. The country is primarily focusing on sustainability and environmentally friendly energy and electricity resources and methods. This has become a point of attention not only for retailers but also for consumers. In this article, we will analyze the solar rebates and interest free loans in Australia by utilizing our own real time quotations.
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Key Points
Advantages of solar panel incentives in Australia
The Australian government is offering various rebates and incentives programs to encourage house owners and businesses to install solar panels. These incentives can significantly reduce the upfront cost of installing solar systems.
It is classified into two categories:
- Federal government rebates
- State government rebates
Upfront cost after federal rebates
To make solar energy accessible for all, Australian federal government offers solar rebates and incentives. One of the well known scheme is the small scale renewable technology certificate (STC’s), which provides financial benefits for households, small businesses, and community organizations to install eligible solar photovoltaic (PV) systems.
6.6kW solar system with Trina solar panels and GoodWe 5kW solar inverter, costs $6,213 but after availing STCs, cost drops to $3,950 😊.
State PV rebates and PV interest free loans
Many Australian states are offering solar rebates and incentives to promote sustainability and improve environmental and economical impact. Below is the summary of some of the key state-based schemes:
- Victoria: The Victorian government’s solar homes program provides rebates and interest-free loans for solar PV systems, as well as rebates for solar hot water systems and solar batteries
- New South Wales (NSW): The NSW government offers interest-free loans and rebates to eligible households for the installation of solar PV and battery storage systems
- Queensland: Queensland offers the solar for Rentals trial, providing rebates to landlords to install solar PV systems on rental properties
- South Australia (SA): SA’s home battery scheme offers subsidies for the installation of battery storage systems to complement solar PV systems
- Western Australia (WA): WA’s distributed energy buyback scheme (DEBS) offers eligible households and small businesses financial incentives for excess electricity generated by renewable energy systems, including solar PV
Take a look at the following quotation 👀. Without the STC point of sale discount, Solar Victoria PV interest free loan, and Solar Victoria PV rebate, the system would have cost $6,213. However, thanks to these incentives, the upfront cost is now only $1,150 👍.
Factors effecting these incentives
The amount of rebate or incentive available depends on various factors such as:
- the size of the solar PV system
- location (post code)
- market value of STCs
Is there any funding limit?
Yes, these state based programs often have following limitations/guidelines to follow:
- specific eligibility criteria
- funding limits
- application processes
If you are interested in accessing solar rebates and incentives in Australia, you should check with your relevant state government for the updated information and details on available schemes. However, as far as Victorians are concerned, drop us a message 📩 and one of our representatives will guide you about your eligibility or funding limitations.
Beyond Rebates – Interest free loans
There are several third-party financing companies that aim to eliminate upfront costs. Here are a few examples of such companies.
Upfront cost after solar interest free battery loan
Under the solar homes program in Victoria, eligible households can access an interest free loan of up to AUD $8,800 for the purchase and installation of a 🔋 battery storage system. The loan is repaid over a term of up to 4 years, with repayments included in the household’s electricity bill.
To be eligible for the interest free loan, households must meet certain criteria, including:
- owning home
- having an existing solar PV system
- meeting income eligibility requirements
Take a look at one of the real time quotations. It offers solar Victoria interest free battery loan of worth $8,800👌. After applying the loan and rebates, you can see that the upfront cost significantly reduced. Moreover, you may find this article helpful – 8.8kW solar system upfront cost with battery 🎯.
If you choose not to take advantage of the battery loan mentioned in the quote below, the cost of the system will increase to $11,800 😱.
Eligibility criteria
- You are the owner occupier of an existing property where the system is to be installed.
- The combined household taxable income of all owners is less than $210,000 per year
- The property is valued at under $3 million
- The property address 📌 has not previously received a solar rebate, or one has already paid previous solar interest free PV/Battery loan
Applying for solar rebates and loans in Australia
There are following required documents for the application.
- Property council rate or council letter
- Notice of assessment (tax notice) only for owners
- Driver’s license 🪪 and Medicare card for main applicant
- BSB and bank account if you are taking interest free loan
Get in touch
If you still need any assistance on solar rebates or interest free loans in Australia, send us an email 📧 at support@thesolarpedia.com. Moreover, if you want to turn your rooftop into a power house ⚡ of renewable energy, get a free quote now! Share your contact details in comment or in the email and our sales expert will get in touch with you.
