Victoria's Solar Battery Interest Free Loan
Solar Victoria’s Battery Storage Rebate has been replaced by an interest free loan, which helps reduce the initial investment of installing a battery on your home.
The Victorian government announced that 4500 households will be able to claim interest-free loan of up to $8,800 in 2023 and 2024. But as of January 2, 2024, only 2,800 loans are left for eligible homeowners and are expected to run out fast.
With repayments over a four-year period, this interest free loan is a total game-changer for battery storage in Victoria. It will make battery storage a more affordable option for thousands of households looking to maximise the benefit of their solar power system and increase their energy independence.
Applications are processed by Solar Victoria, and if you are successful, we will then contact you to arrange an installation.
Key Takeaways:
Victoria’s Interest-Free Loan for Solar Batteries
Replacing the previous rebate program, the Victorian government offers an interest-free loan of up to $8,800 for eligible homeowners to install a solar battery. Only 2,800 loans remain as of January 2, 2024.
Eligibility Requirements
To qualify, homeowners must meet several criteria, including having a household taxable income below $210,000, a property valued under $3 million, and a solar panel system of at least 5kW. The battery must be at least 6kWh and listed on Solar Victoria’s approved product list.
Loan Application Process
Applications involve two stages: an initial eligibility check (identity, property ownership, and income verification) and a financial check (credit assessment and self-declaration financial form). Only after approval can the installation be scheduled.
Interest-Free Solar Battery Loan Eligibility
As a Victorian householder, you could be eligible for a solar battery loan if you meet the following eligibility criteria:
you are the owner-occupier of an existing property where the system is to be installed
the combined household taxable income of all owners is less than $210,000 per year
the property is valued at under $3 million
the property address has not previously received a solar battery rebate
the property has a solar panel system with an inverter capacity equal to or greater than 5kW,or will have one installed in conjunction with the solar battery installation.
the energy storage solution has a capacity equal to or greater than 6kWh and is listed on Solar Victoria’s battery product list and the property does not have an existing energy storage system.
pre-approval is obtained from your Distributed Network Service Provider (DNSP) to safely connect a battery to the grid
the owner/s agrees to receive information from their Distribution Network Service Provider about taking part in battery trials to maximise the value households get from them.
Eligible households can still apply for the solar battery interest-free loan after receiving the solar panel rebate. Note, however, that the solar battery loan is not available for homes still under construction.
Solar Battery Loan Application
Loan applications are processed by Solar Victoria and are completed in two stages - an initial eligibility check and a financial check.
Typically, it starts with getting quotes from trusted solar suppliers such as 1KOMMA5° Melbourne.
At 1KOMMA5° Melbourne, it’s easy to place a holding order while you get your loan application started. No deposit is required until your application is successful.
Our install department will upload your accepted quote to the Solar Victoria portal. You will then be asked to upload documents such as proof of identity, property ownership and income. This initial eligibility check will have to be completed by you as the customer.
If you are applying for a solar panel rebate and interest-free loan, you will receive a separate email for each quote. You will be required to complete a separate eligibility application.
After the initial eligibility check, you will undergo a financial check which includes credit checks, completing a self-declaration financial form and submitting supporting documents. Only when the loan application is approved can installation be arranged.
Installations will be done based on when your order was placed, so make sure your order form is signed off with us as soon as you are ready. By doing so you will claim your place in the queue for an installation.
The Victorian government's interest-free loan program is a fantastic opportunity to make solar battery storage a reality for your home. However, with so many battery options available, choosing the right one can feel overwhelming.
Rest assured—we have you covered!
We provide you with all the information you need to make an informed choice with our in-depth guide to solar batteries.
More Helpful Articles:
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