Financing for solar batteries: what are your options?

Posted in DC Sunny Saver

Couple looking at solar battery financing

At DC Power Co, we know that one of the hurdles for people looking to get a battery is the cost of investment. So we created a battery package that is high in value, and low in price at just $5850 excluding installation. 

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

 

Financing for solar batteries

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.

 

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 alternatives – 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.

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%. 

  1. Community First Credit Union –  Low interest unsecured green loans are available and can be used to purchase solar batteries. Up to 7 year loan term. 
  2. 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.
  3. 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 Sunny Saver with just a $100 deposit. 

View the DC Sunny Saver package

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