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Financing for solar and batteries: what are your options?

Posted in DC Power Co Solar Battery Package

Couple looking at solar battery financing

At DC Power Co, we know that one of the hurdles for people looking to get a solar battery, or solar and a battery, is the cost of investment. So we have created a battery package that is high in value, and low in price at just $6750 excluding installation. Our solar and battery packages start from just $11.800 full installed.

However we know this is still a big investment. So how can you get your solar and/or battery now to lock in your savings into the future, but pay it off over time?

There are several options for financing batteries including a suite of low interest green loans. 

At DC Power Co, we’re not able to provide advice on financing and we strongly recommend anyone considering it for their battery to seek independent financial advice, however here are some of the options available.

 

Solar and battery green loan option: Community First Credit Union

We’ve scanned the market for financing options and are pleased to have found a community based organisation, Community First Credit Union, who are able to offer green loans for solar and battery installations.

Community First Credit Union (CFCU) is our preferred loan provider for a number of reasons, including their flexible application process (online or over the phone) and ability to provide you with an instant application decision.

Their Green Loan interest rates are also an attraction – for example, 5.99%* p.a. (Comparison Rate – 6.26%**). This translates to manageable repayments, such as under $40 per week, over 5 years, based on a $8500 loan at the above rate for a DC Power Co battery package with installation.

Find out more about financing with CFCU

 

Other options for financing solar batteries

1. Adding your battery package to your home loan

Generally, the lowest interest rate for loans or financing your battery package will be your home loan (as it is secured by your home). Currently (as of January 2020) interest rates are low and home mortgages have interest rates in the vicinity of 3-4%. 

To find out more about adding your battery to your home loan, speak to your bank or credit union.

 

2. Other low interest green loans 

These are loans for green products and often have lower interest rates than other personal loans or credit cards. However, it’s important to check the following:

  • Interest rates
  • Other fees and charges (set up costs, account fees and other charges as these can really add up)
  • Do you have the ability to repay early? This may provide additional flexibility to pay back faster, however, there may be a trade off for interest rates.

Community First Credit Union is not the only green loan option. Many financial institutions now offer green loans to their customers at lower interest rates and here are a selection that finance batteries. There are some comparison sights that outline specific green loan offers. These range from 6-8%.  Other options include:

  1. Hunter United Credit Union Green Saver Loan – Low interest unsecured green loans are available and can be used to purchase solar batteries. Up to 7 year loan term.
  2. Bendigo Bank – Green loans that are secured and unsecured, noting unsecured has a higher interest rate than some other loans. Up to 7 year loan term.

When selecting a bank or other financial institution for a green loan for a battery, be sure to read all the terms and conditions carefully before signing any contracts.

DC Power Co does not receive any fees or rebates on any of these products.

 

3. Credit cards

While they are an option, credit cards typically have high interest rates, in the range of 15-20%, and as a result are an expensive way to finance your solar batteries.

 

Ready to get a solar battery?

With financing an option, solar batteries become more achievable for more people. If you’re ready to get a battery, you can secure the DC Power Co Solar Battery Package with just a $250 deposit. 

View the DC Power Co Solar Battery Package

 

Ready to get a solar and a battery?

If you’re ready to install solar and a battery at the same time, when it’s most cost effective to do so, we have a package rolling out across Australia, starting in NSW. You can get started with an estimate.

View the DC Power Co Solar and Battery Package

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