Have you thought about getting solar panels on your home, but you’re put off by the cost? Would you prefer to keep your cash in the bank rather than spend it on solar? Are you concerned about rising electricity bills, but not sure what to do about it?
Fair enough too.
A solar panel system is an investment in your home, but it comes with a price tag. Solar rebates can reduce the upfront cost of a solar installation by several thousand dollars. But, at the end of the day, you still have to pay any outstanding balance.
With the rising cost of living, many of us want to sit tight on our cash, if we’re lucky enough to have reserves in the bank. Finding spare cash to pay for a solar system can be a challenge, particularly with competing claims on our hard-earned money.
However, there is a solution… solar finance.
Solar finance works because interest rates are still comparatively low, electricity prices are high, and the cost of solar panels is becoming ever more affordable. That means that the electricity bill savings most households can achieve with solar are greater than the monthly finance repayments.
The bottom line is that purchasing a solar system on loan finance could mean you’re better off financially from the first day your solar panel system is switched on.
On this blog:
- Introducing our solar finance partner, Atlas
- What finance deal is Atlas offering Specialized Solar customers?
- Finance costs and bill savings for a 6.6kW and 10kW solar system
- Will I be eligible for finance through Atlas?
- How do I apply for Atlas solar finance?
- How long does it take to get a loan approved?
- What if I want to pay off the loan earlier?
Introducing our solar finance partner, Atlas
Specialized Solar & Electrical has partnered with renewable finance specialist Atlas Investment Firm to provide our customers with a low-cost, simple finance solution for solar.
Atlas Investment Firm is a Melbourne-based finance company that offers an extremely low rate for loans for residential and commercial solar clients.
We have chosen to partner with Atlas not only because of their competitive interest rates and excellent customer service – but also because they are focussed on helping make solar affordable to every family, business, and sole trader.
What finance deal is Atlas offering Specialized Solar customers?
Atlas offers an interest rate for unsecured solar loans starting from 3.99 per cent as of May 2022. The comparison rate, which includes fees and charge, is 5.12 per cent.
The term of the loan can be up to 10 years.
Finance costs and bill savings for a 6.6kW & 10kW solar system
Here is an indicative example of how the costs and benefits stack up, paying for a 6.6kW or a 10kW solar panel system with loan finance from Atlas and a government interest-free loan from the Solar Homes Program.
Note: costs and savings shown in the table below are indicative and based on the assumptions shown above. To get specific costs and bill savings for a solar panel system on your home, contact us for a quote.
Indicative costs and benefits of purchasing a solar panel system on finance
| 6.6kw system | 10kw system | |
|---|---|---|
| Purchase price | $8,000 | $11,500 |
| Solar Homes Rebate | $1,400 | $1,400 |
| Solar Homes interest-free loan | $1,400 | $1,400 |
| Amount after Solar Homes rebate and loan | $5,200 | $8,700 |
| Monthly repayments: Atlas | $84 | $141 |
| Monthly repayments: Solar Vic loan | $29 | $29 |
| Total monthly repayments | $113 | $170 |
| Bill savings monthly | $125 | $192 |
| Monthly Difference (i.e. your net benefit) | $12 | $22 |
Modelling based on:
| Atlas comparison rate | $8,000 |
| Atlas loan term, months | 84 |
| Solar Homes Loan, rate | 0% |
| Solar Homes Loan term, months | 48 |
| Bill savings: 50% self-consumption of solar electricity; remainder exported to grid for the Feed-in Tariff | |
| Flat electricity tariff | 27c/kWh |
| Feed in tariff | 7c/kWh |
Better off from day 1
As this shows, it is possible to be better off – from day 1 – when you pay for solar on finance, thanks to the electricity bill savings you can achieve with a quality solar panel system.
The initial net benefit is relatively small to start (around $12/month on a 6.6kW system and $22/month on the 10kW system).
But this increases over time…
After four years, when the Solar Homes loan has been repaid, the monthly savings increase to around $41/month on the 6.6kW system and $51/month on the 10kW system.
After 7 years when the Atlas loan has been repaid, you get the full benefit of the bill savings at around $125/on a 6.6kW system, and almost $200/month with the 10kW system.
You continue to realise these excellent monthly savings for the remaining lifetime of your solar system – which should be for at least another 20 years.
Not only that, but you’ve capped your exposure to escalating power bills from the day your solar is installed – plus you’ve added to the value of your property.
Will I be eligible for finance through Atlas?
Around 95 per cent of people who apply for a solar loan for their home through Atlas are approved. Naturally every loan application is treated on a case-by-case basis reviewing your income, assets, and any debt you may have.
The information you’ll need to provide as part of your loan application includes:
- Amount of loan.
- Length of loan (10 years)
- Amount pre-tax income
- Employment (Full time, Part time, Casual)
- Time in current role
- Home ownership
- Number of dependents
- Copy of driver’s license
- Copy of the 2 most recent pay slips
Self-employed people and pensioners are also welcome to apply.
How do I apply for Atlas solar finance?
The easiest way to apply for solar finance from Atlas is to get in touch with us. As a partner of Atlas, we can fast-track your application, explain what you need to do, and make the process as quick and easy as possible.
How long does it take to get a loan approved?
Atlas solar finance applications handled by Specialized Solar are usually turned around in a couple of working days. This assumes that all the required documentation has been provided – but of course we can help you with that.
With the customer service team at Specialized Solar managing your Atlas loan application, there’s nothing for you to do once the loan has been submitted. No chasing, no time wasting. Just a fast smooth loan approval process that’s focussed on helping you go solar!
What if I want to pay off the loan earlier?
Not a problem. If you decide you want to pay off your Atlas solar loan earlier, you can. And that’s without incurring any fees or charges.
Find out how solar finance could work for you
If you’re interested in finding out the costs and benefits of installing solar on your property with solar finance, get in touch.
We’ll assess your home’s suitability for solar, review your energy usage profile and chat to you about you want from your solar system; whether it’s lower electricity bills, greater energy independence, upgrading an existing solar system or battery storage.
Next, we’ll provide a quotation which will clearly show how much solar electricity your system will produce and the estimated electricity bill savings in year 1 based on your specific electricity tariff. We’ll also show you what the monthly repayments would be for your system (after any eligible rebates), so you can see the net result for your property.
We’re all about making solar easy and affordable for homeowners.
Get in touch to see whether solar on finance works for you!
