NSW Government Interest Free Solar Loans: How it works?

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

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

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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Jeff Sykes

CEO at Solar Choice

Jeff has consulted on over 20MW of commercial solar projects, ranging from SMEs to ASX top 100 companies. Jeff has also provided independent advice to 100s of residential solar, battery and EV charging customers across every state in Australia. He holds an MBA from the Australian Graduate School of Management and is an expert in business strategy and financial analysis.

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