NSW Government Interest Free Solar Loans: How it works?

NSW Government Interest Free Loans installed - aerial image

Firstly, it is important to point out that the interest free loans are in addition to the federal STC rebate which has been incentivising solar installations since 2011. This is article is designed to give you a guide as to what is available from the NSW Government and who is eligible.

What Interest Free Loans are being offered in NSW?

There are 2 types of interest-free loans currently available:

  • If you already have solar and would like to retrofit a solar battery into your system, then an interest free loan of $9,000 can be applied for
  • If you do not have solar and would like to install a solar and battery system, then an interest free loan of up to $14,000 can be applied for

 

Who is eligible for the Interest Free Loans?

Initially the trial is limited to the Hunter Region for the first 12 months which will finish in March 2021. The program in general will be available to the follow Households:

  • Must be a home owner and currently live in it
  • Must be grid-connected
  • Have a combined household income of less than $180,000 per year
  • Must meet a standard set of lending criteria

 

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So if you are in one of the following postcodes you can get started already:

Postcodes Currently Eligible for NSW Government Interest Free Loans
2264 2306 2324 2338
2265 2311 2325 2415
2267 2312 2326 2420
2278 2314 2327 2421
2280 2315 2328 2422
2281 2316 2329 2423
2282 2317 2330 2424
2283 2318 2331 2425
2284 2319 2333 2426
2285 2320 2334 2427
2286 2321 2335 2428
2290 2322 2336 2429
2295 2323 2337 2430

 

Are Solar Batteries worth it with an interest free loan?

This question comes down to your motivations. If you are purely looking for a return on investment, in most of the scenarios we have considered Solar Batteries would not be worth it financially with an interest bearing loan. The interest free component would improve the equation and you can look at your own circumstances with our Solar and Batteries calculator.

As the return on investment for solar-only is so good, you can make a solar and battery project financially viable. Unfortunately the battery side of the equation will not be improving you financial return. It is however helping you reduce your carbon footprint and increasing distributed battery storage capacity across Australia is a key stepping stone to transitioning to a 100% clean energy future.

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