Interest-free loans for solar

The State Government have announced they will provide interest-free loans for Queensland families to install solar systems and slash their power costs.

The loans are means-tested, of a value up to $4500.

To be eligible Queenslanders must

  • Be receiving Family Tax Benefit B
  • Have electricity costs of at least $1000 over 6 months or $2000 over 12 months
  • Use an eligible solar supplier which is available at qld.gov.au/solarloans
  • Meet credit and loan assessment requirements set by the Qld rural and Industry Development Authority
  • Have their solar system installed within 6 months of pre-approval

“In this way we are helping those who need it the most,” the Premier said.

The loans will allow another 3,500 families to join the 474,000 who already enjoy the benefits of solar.

Energy Minister Dr Anthony Lynham said the Queensland Government’s offer was available from Monday, 25 June 2018.

Customers will need to obtain a quote from an eligible solar supplier before submitting their application online.

Monthly repayments for $4500 loan over 7 years are around $54 per month or $648 per year.

A 3 kilowatt solar system purchased with an interest free solar loan could save a customer around $350 per year after loan repayments.

“These solar loans are offered with no interest, no fees and no charges for the seven-year loan period and aim to cover the supply and installation of an average 3-kilowatt solar system,” the Minister said.

To apply or for eligible solar suppliers go to our website at www.qld.gov.au/solarloans.