Some Dos and Don’ts When Installing Solar on Finance
Installing solar panels is an excellent way to save on electricity costs and reduce your carbon footprint. If you’re considering financing your solar installation, it’s important to understand the dos and don’ts to ensure a smooth and successful process. Let’s explore the top 10 things you should and shouldn’t do when installing solar on finance.
Do Assess Your Energy Needs
- Determine your energy consumption: Calculate your average monthly electricity usage to understand your energy needs and size your solar system accordingly.
- Consider future energy needs: Account for any expected changes in your energy consumption, such as buying an electric vehicle or adding more appliances.
Don’t Rush the Decision
- Research and compare: Take the time to research different solar finance options and compare interest rates, terms, and conditions.Always ask for the non financed price!
- Obtain multiple quotes: Request quotes from reputable solar installers and finance providers to ensure you’re getting competitive pricing and quality products.
Do Understand the Financing Options
- Explore different financing models: Familiarise yourself with common financing options such as solar loans, power purchase agreements (PPAs), and solar leases.
- Evaluate interest rates and repayment terms: Compare the interest rates, repayment period, and flexibility of different financing options to find the one that suits your financial situation.
Don’t Ignore Your Credit Score
- Check your credit score: A good credit score can help you secure better financing terms. Review your credit report and address any errors or outstanding debts before applying for solar financing.
Do Calculate the Return on Investment (ROI)
- Evaluate the financial benefits: Calculate the potential savings on your electricity bills and the payback period for your solar investment.
- Consider additional incentives: Research and take advantage of government incentives, such as solar rebates and tax credits, to enhance your ROI.
Don’t Forget About Maintenance and Warranty
- Understand maintenance requirements: Learn about the maintenance needs of your solar system, including regular cleaning and potential repairs.
- Review warranty coverage: Ensure your solar panels and related components come with adequate warranties to protect your investment.
Do Work with Reputable Installers and Lenders
- Choose experienced installers: Select reputable solar installation companies with a proven track record and positive customer reviews.
- Verify lender credentials: If you opt for solar financing, ensure the lender is trustworthy and has a transparent lending process.
Don’t Overlook Solar Panel Quality
- Research solar panel brands: Investigate the reliability, performance, and warranty offerings of different solar panel manufacturers.
- Prioritise quality over price: While cost is a consideration, prioritise quality to ensure the longevity and efficiency of your solar system.
Do Plan for Unexpected Costs
- Set aside a contingency fund: Account for potential unexpected costs, such as repairs or system upgrades, by setting aside a contingency fund.
Don’t Forget to Monitor and Optimise
- Monitor system performance: Regularly monitor your solar system’s performance to identify any issues and ensure optimal energy production.
- Explore optimisation options: Consider additional features like energy monitoring systems or battery storage to maximise the benefits of your solar investment.
By following these top 10 dos and don’ts, you can navigate the process of installing solar on finance with confidence and make the most of your investment in renewable energy.
Your panels will pay for themselves and reduce your bill
The easiest way to get your solar power system is to use an easy payment plan which spreads the cost of the installation over a few years. Most of our customers are happy with our no-deposit five-year payment plan which means you can install a 5kW system for less than $55 per fortnight. That’s around $120 a month or $360 a quarter.
With bills around $450, you would need a 5kW system to run your home efficiently. You’ll be generating around 21kW a day, using 12.5kW and selling the excess back to the grid. If you do, you’ll see that the repayments on your system are around $295 each quarter, but you’ve almost eliminated your $440 bill. You’ve just saved yourself $9-10 each week even though you’re still paying for your panels!
If you opt for a bigger system, then you can actually save even more!