Two million Aussies now have solar panels, here’s how you can get your own

Ceyda Erem   |   07 Dec 2018

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New figures from the Clean Energy Council have revealed that the number of Aussie households using solar power has hit a record-breaking two million, with numbers only expected to climb in the following months.

According to Clean Energy Council Chief Executive, Kane Thornton, Australia’s growing love for solar may be in response to the promise of lower energy bills.

“Homes with rooftop solar installed are saving on average of about $540 per year on their electricity bills,” he said.

“Solar is a clear way for consumers to take control of their power consumption and cut costs, and it’s growing quickly by word-of-mouth.”

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Although solar panels are a great way to trim your energy bill and do good by the environment, many Aussies know that going green often comes at a hefty price.

“Solar panels can do wonders for any household, but there’s no denying that the installment process can cost an arm and a leg,” said Mozo Director, Kirsty Lamont.

But with the rising popularity of green personal loans, it’s never been more easy to give your home an upgrade.

Green personal loans are a type of personal loan that are specifically used for eco friendly purchases, like solar panels, water tanks or green cars.

“One of the drawcards of a green loan is that they often come with lower interest rates and fees, which is a great incentive for any Aussie,” said Lamont.

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Looking into the Mozo database, there are currently seven providers offering green personal loans, including 2018 Mozo Experts Choice Personal Loan winner, Police Bank, who recently took home an award for Best Green Loan.

Others green loan providers include Bank First, Bendigo Bank, Community First Credit Union, Hunter United, Police Credit Union and Regional Australia Bank.

But according to Lamont, you don’t have to take out a green personal loan to give your home a solar makeover.

“Keep in mind you don’t have to use a green personal loan to help cover the cost of solar panels, a regular personal loan can be used to do the same,” she said.

So whether you’re thinking green or are planning to keep it simple, kickstart your search for a personal loan by checking out these five offers below.

5 personal loans to give your home an eco friendly upgrade - rates updated daily

  • Promoted

    HSBC

    HSBC

    Unsecured Personal Loan (Fixed)

    8.50% p.a.to 16.99% p.a.

    9.06% p.a.to 17.53% p.a.based on $30,000
    over 5 years

    $150.00upfront and $5.00/month

  • Promoted

    Harmoney

    Harmoney

    Unsecured Personal Loan (Fixed)

    5.95% p.a.to 26.95% p.a.

    6.64% p.a.to 28.21% p.a.based on $30,000
    over 5 years

    $500.00upfront and $0.00/month

  • Promoted

    Australian Military Bank

    Australian Military Bank

    Unsecured Personal Loan - Excellent Credit (Variable)

    7.88% p.a.to 18.82% p.a.

    8.72% p.a.to 20.22% p.a.based on $30,000
    over 5 years

    $100.00upfront and $10.00/month

  • Promoted

    ANZ

    ANZ

    Unsecured Personal Loan (Fixed)

    12.45% p.a.

    13.32% p.a.based on $30,000
    over 5 years

    $150.00upfront and $10.00/month

  • Promoted

    NAB

    NAB

    Personal Loan (Variable, Unsecured)

    12.69% p.a.to 18.69% p.a.

    13.56% p.a.to 19.53% p.a.based on $30,000
    over 5 years

    $150.00upfront and $10.00/month

^ The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are for the amounts and terms below, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. ^ Based on $10,000 over 3 years ^^ Based on $30,000 over 5 years

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