Residential solar PV system finance: Options available through Solar Choice installers

If you’re thinking about going solar (or getting batteries) for your home but don’t want to bear the full cost up front, a payment plan might be the right option for you.

As a brokerage & comparison service for rooftop solar & batteries, Solar Choice allows our customers to get a bird’s eye view of the solar market with our free & impartial Quote Comparisons. Our Quote Comparisons contain key information from the installers in our network about the solar system packages that they offer – including price, products, warranties and ‘extras’ – as well as an indication of which companies offer finance.

This article provides a rough overview of the types of solar finance plans available generally available in Australia.

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Government subsidies plus financing make going solar more affordable than ever

In addition to the subsidy offered through the Federal Government’s Renewable Energy Target, a number of the accredited installers in the Solar Choice Installer Network offer finance packages to make going solar an attainable goal for those who are unable or unwilling to pay for the full cost of their system outright.

What kind of financing is available through the Solar Choice network of installers?

A number of installers in the Solar Choice network offer financing packages for residential solar power systems. Financing options are either interest-free or come at a small additional cost.

Interest-free financing for residential solar power

Some installers offer interest-free financing for periods of 6 to 24 months. This option allows new system owners to spread the cost of their system over a set period of time to make payments more manageable, at little or no additional cost to the customer.

Pay-as-you-go Solar Power / “Free Solar Panels” / Solar Leasing

Highly successful in the US and Europe, this type of agreement is now available in Australia and through the Solar Choice installer network. Under such an agreement, a company will install a solar system on the customer’s roof at no up-front cost to the customer. Customers enter a 20-year agreement to purchase the solar power produced by the system from the installer at a rate lower than their retail electricity rate, thereby saving them money on their electricity bills. It is more useful to think of the agreement as an agreement to purchase power than an agreement to have a solar system installed.  Read more: Is solar leasing right for you?

Other payment plans

Other installers on the Solar Choice network offer financing for solar systems at a set cost to the customer. Financing packages may provide customers with the option to pay in instalments with interest. This means that the faster the system is paid off, the lower the ultimate cost to the owner. Alternatively, customers may be offered a package in in which the total price of the system is higher than paying for the system outright, but is broken into more manageable monthly or fortnightly payments.

Request a Quote Comparison to learn more directly from installers

When you request a quote comparison through Solar Choice by filling out the form on this page, you will be able to see which solar companies in your area offer financing, as well as the general terms (such as number of payments). You can then follow up with each of those companies individually to learn more.

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Financing for Commercial-scale Solar Power

In addition to offering comparisons for rooftop solar, Solar Choice also manages tenders for commercial-scale solar projects. Please see our Commercial Tender Management page today for more information.

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