Want your own rooftop solar system? A green personal loan could be the answer
This November, Aussies broke the record for the number of rooftop solar systems installed in one month, totalling 120MW of capacity, according to Green Energy Markets Director of Analysis & Advisory, Tristan Edis.
The previous record was set in June 2012, just before the Queensland government ended its 44 cent premium feed-in tariff, driving a boom as homeowners rushed to cash in on the offer. Following that boom, installation numbers slowed, Edis said, but began to pick up again in 2017.
Green Energy Markets noted another surge in solar system installation as early as April. This renewed interest was put down to a number of factors, including new options for household battery storage products and the rising cost of power bills around Australia. In fact, Mozo research shows that over the past two years, energy bills have risen by 29%.
Solar energy systems present an opportunity for Aussies to save on their electricity bills, with the Mozo database showing feed-in tariffs as high as 22 cents/kWh available today.
According to Edis, this could save Aussies a significant amount of money.
“Australian electricity consumers that buy power from the grid now face some of the highest electricity prices in the world, and also the most emission intensive. But if they buy it via a Solar PV system it is some of the lowest cost in the world and with no carbon emissions at all,” he wrote.
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And installing solar panels is also more financially accessible than ever before, with a number of lenders offering Green Personal Loans, including two-time Mozo Experts Choice Best Green Loan winner Police Bank, Bendigo Bank, Community First Credit Union and Bank First.
These loans are aimed at helping households to go green, by offering a reduced interest rate and fees to Aussies looking for funds to outfit their homes with things like solar panels or rainwater tanks or even to purchase environmentally friendly cars.
The average rate on a green loan according to Mozo’s database is 9.25%, while the average regular personal loan comes in at 11.84%. On a $20,000 loan over 5 years, this could save a borrower $1,540, according to our personal loan comparison calculator.
So if you’re keen to join the wave of Aussies embracing solar energy to do their part for the environment and lower their power bills at the same time, head over to our personal loan section to find a green loan that suits you.
* WARNING: 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 calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. 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.
^See information about the Mozo Experts Choice Personal Loan Awards
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