Finance Options

If you’ve held back from installing solar due to the upfront capital cost, there are solutions to help you spread the load.

Solar power helps business owners save money on their energy costs and at the same time works to reduce pollution. However, upfront capital costs of a solar system can be daunting and a potential drain on reserves. Spreading costs through short or long term finance is an attractive and cost-effective way of saving valuable capital and using the solar system to lower your power bill while making repayments.

A wide range of finance options is available, from $0 upfront with long term repayments to lease of equipment, chattel mortgage, straight loan and power purchase agreement (PPA).

A number of finance companies, suppliers and installers offer a selection of these products. As in all financial transactions, it is important to read documents thoroughly and understand your commitments; it is a case of buyer beware. We do not recommend any particular company or product.

Local finance options

Summerland Credit Union community based credit union phone 1300 802 222

www.summerland.com.au

Offers 2 eco friendly products, personal loan and mortgage at reduced rates suitable for financing solar panels. Summerland works with borrowers to identify the right product for their needs. Apply online or phone for a loan interview with a mobile lender.   Also see their environmental sustainability section.

Bananacoast Credit Union community based credit union phone 1300 228 228

www.bcu.com.au

While not specifically aimed at the solar market, Bananacoast has a wide range of commercial lending products that may suit your needs.

Further products directed at helping people with solar loans will be added when they become available.

Local private investment in solar power

Over the past 3 years a unique solar loan product has been developed in Byron Bay by local private investors. Solar power projects funded by these investors include The Macadamia Castle at Knockrow and Green Building Centre, Byron Bay Arts and Industry Park. Such loans can be made with owners, tenants or landlords of business premises.

How it works

Depending on circumstances, investors may lend up to the full amount for the purchase and installation of solar power equipment. The loan is offered after checking with ASIC, conducting a review of the annual accounts and other forms of assessment to ensure security of repayments. There are no upfront fees, no ongoing fees and no penalty for early payout of the loan. The contract period is usually 5 years with a competitive rate under 6%. The loan is covered by a Loan Agreement, a legal document protecting the interests of all parties. For further information please email info@100gosolar.com.au or phone 0425 243 860.