Let's face it - not everybody has the money in the bank 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 Humm 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 HandyPay.
Here is an example of a simple 6.6kW system, the effect on a power bill, and the repayments *:
System cash price: $5,500 incl gst fully installed
Monthly repayments over 5 years incl interest and fees: $110
Monthly power bill savings: $180 ($540 per quarter)
Monthly net savings: $70 ($840 per year) - The savings are more than the repayments by $840 p.a.!
So let's say your power bill without solar is 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 $490. $700 down to $490 just like that and without paying ANYTHING up front. 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.