Let's face it - not everybody has the money to invest in a solar power system. Often those most in NEED of solar are the ones least able to afford it. There are many finance options available; a redraw on your home loan (if available) is a great, low interest way to do it (but rates can change). Community First Credit Union offer a low interest Solar loan. "No Interest Ever" lenders such as Certegy Ezi-Pay and Brighte pass the financing cost onto the vendor who in turn need to advertise inflated retail prices to cover the cost of lending. One of the easiest, most affordable and transparent lenders we have dealt with is Classic Funding Group.
The Residential Loan and Own Agreement with Classic Finance
Classic funding group offer a variety of loan terms to assist home owners make home improvements such as adding solar panels.
Their fast and simple online approval process could get your home solar-powered in no time!
What you get with Classic Finance:
fast and simple approval process
no deposit required and a low establishment fee
interest rates from 9.95% for a seven year term
2-7 year loan terms available
you own the system while making fixed monthly repayments
available for Solar PV, Battery Storage and Solar Hot Water Systems
Australian-based call center to assist you with any queries
You will need to:
be over 18 years of age
be an Australian permanent resident
have a current electricity bill showing no overdue amounts
have a good recent credit history
be the home owner
Here is an example of a simple 6.5kW system, the effect on a power bill, and the repayments *:
System cash price: $5,700 incl gst fully installed
Monthly repayments over 7 years incl interest and fees: $100
Monthly power bill savings: $180 ($540 per quarter)
Monthly net savings: $80 ($960 per year)
So let's say your power bill was normally $700 per quarter, your new power bill after solar with this example would be around $160. The combined cost of your new power bill and the repayments would be $460. $700 down to $460 just like that and without paying ANYTHING up front. It's like getting a 34% reduction in your power bill and having it virtually unaffected by power price increases for 7 years! Bigger systems tend to have bigger net savings as well.
* This is an example only to show how the savings are calculated. Contact us to review your power bills and consumption patterns so that we can design a system for your needs and advise system performance and likely net savings.