Details of the new interest free loans from Solar Victoria were released this week. Read on for our summary of how they work.
What’s on offer?
From 1st July, you’ll be able to take up an interest-free loan along with your rebate – reducing the upfront cost of solar even further.
How much can I get?
You can apply for an interest-free loan equivalent to the amount of your rebate – so up to $2,225.
Here’s an example from Solar Victoria on how it’ll work.
Please note a high quality system will be more expensive than $4,450. You can find out more on indicative prices for solar here.
When will I have to pay it back?
Interest-free loans must be paid within a four-year period, or sooner if you choose to do so.
Am I eligible?
To be eligible for an interest-free loan, you must be eligible to receive a solar panel rebate.
You’re eligible for the rebate if you meet the following criteria:
- have a combined household taxable income of less than $180,000 per annum
- are an owner-occupier of a property valued at under $3,000,000
- don’t already have a solar PV system installed or have one that was installed before November 1, 2009
- choose a Clean Energy Council (CEC) Approved Product and use a CEC Approved Solar Retailer
- only be claiming one rebate per household
I already received the solar rebate, can I apply for the interest free loan?
Only new applications submitted after 1 July 2019 can apply for the no-interest loan.
How do I apply?
You’ll automatically be notified if you’re eligible for the loan when you apply for the solar rebate. If you’re eligible, you can select whether you would like to take up the loan option.
Here’s the new process.
- Contact your chosen provider for a quote.
- The provider will then upload your quote to the Solar Victoria Portal, which will trigger the online process for your eligibility assessment.
- All you’ll need to do then, is upload proof of income and a rates notice to confirm your eligibility for the rebate and loan
- Once it’s confirmed, you retailer will claim the rebate and loan on your behalf and deduct this amount from the total cost of your system.