Could green personal loans bridge the financial gap during rooftop solar boom?
Article by Tom Watson
Bitcoin may have taken out first place when it came to comebacks of 2017, but jostling for a place on the podium - at least in Australia - was rooftop solar which recorded a strong resurgence in popularity according to new figures.
Research from renewable energy advisory firm, Green Energy Markets, revealed that rooftop solar installations grew by a third in 2017 to 172,152 units across the country, with the firm suggesting that the boom is likely to continue throughout 2018.
Tristan Edis, Director of Analysis and Advisory at Green Energy Markets, suggested that a host of widely publicised power price increases in several states during 2017 were likely to have been contributing factors to the growth.
"The surge is happening across every state ... and across all segments of the market,” he said in an interview with the Sydney Morning Herald.
"It's heavily driven by the electricity price hikes and the media attention around them, because it's become a political issue."
Despite the recent upsurge in popularity, home solar systems still remain a costly addition for many Australian households. According to an analysis for the month of January by solar comparison website Solar Choice, even the smallest 1.5kW solar systems have an average installation cost of $3,114 across the country while 10kW systems cost over $13,000 on average.
Thankfully for homeowners, a number of ‘green’ personal loans are making the installation of environmentally-friendly home additions, such as solar panels, rainwater tanks and battery systems, more financially achievable.
The loans - from providers such as 2017 Mozo Experts Choice Best Green Loan Award winner Police Bank - offer discounted rates for households willing to make eco-friendly additions to their homes, with the Police Bank offer starting at just 6.49%.
So if you’re interested in joining the home solar boom, or have another sustainable project to get off the ground in 2018, start comparing a range of green personal loans by heading over to the Mozo personal loan comparison hub.