If there are two things that Australians are concerned about, it’s rising interest rates and the rising costs of electricity. These two issues are some of the most glaring cost-of-living pressures faced by Australians today and with good reason. To say that energy prices are going through the roof would be an understatement.
Fortunately, thanks to loans.com.au, home buyers and builders now have access to a loan with discounted interest rates, provided they install a solar system at their new home. Let’s find out a little more.
Why go solar?
If you’re building a home in today’s climate, it makes sense to install solar right from the word go. You can choose an on-grid solar installation that still gives you access to the main electricity grid in the evening or when your solar panels aren’t producing energy. Alternatively, you might want to consider a solar package with battery storage. This means any excess energy you generate during daylight hours can be stored for later use.
Even the federal government’s October budget warned that electricity prices will continue to rise through 2023/2024. So, installing a solar system now ensures that you can start slashing energy bills now. With battery storage, you can almost eliminate electricity bills entirely.
The Solar Home Loan
While it isn’t the first of its kind, the Solar Home Loan from loans.com.au represents terrific value for people building or buying a new home. Essentially, if you install a solar system, you’ll be eligible for a 0.6% interest rate discount for five years.
Over 5 years, with an average mortgage of $450,000, this represents a saving of around $11,500, which is higher than you would typically pay for an on-grid solar installation. Even choosing a larger system, say 10kW, you’ll still be in front.
Not to mention, with energy prices rising, you’ll also be saving money with reduced electricity bills over those 5 years. Your savings really depend on your regular energy consumption, but over 5 years you can expect to save thousands.
Looking for help with solar installations?
With many green banking products on the market today, it’s worth shopping around for one that supports solar energy initiatives. If you’d like a free, no-obligation quote for a solar installation at your new home, contact the team at Halcol Energy today and we’ll be more than happy to help. With Halcol, you get quality solar panels and inverters, great service, and we’ll even help you navigate the world of government solar energy subsidies to make it even more affordable.