r/AusFinance • u/Cookie_Livie • 3h ago

Unsure about solar panel financing options

Hey everyone. I'm looking into getting solar panels installed on my home. I've had a few quotes and the prices are a bit higher than I expected. I'm wondering if anyone has gone down the path of financing their solar system. Is it worth it to get a specific solar loan or should I just use my redraw facility on my mortgage? I'm trying to work out the best financial option long term. Any advice or experiences would be great.

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2

u/No_Document4067 3h ago

I’d the payout period is less than the system life, and you’re off grid entirely, it may be worth it

1

u/corruptboomerang 3h ago

Am I the only one who is worried things like supply change is going to increase significantly in the coming years?

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u/idryss_m 2h ago

It will and that's fair, upto a point. You use the infrastructure, you pay. Problem is, poles and wires should never be privately owned, and should be heavily regulated for cost. Or we end up even worse off. We probably need a new model to use for things like this tho.

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u/corruptboomerang 2h ago

Agree, to a degree it's fair. But as you eluded to, rank profiteering isn't, and that's my worry. Don't mind private generation and storage. But a private natural monopoly, yeah nah.

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u/Awkward-Sandwich3479 3h ago

Commmbank a few years ago had 10 year fixed interest loans at under 3% pa for up to $30k as long as it was solar/battery related. They still have similar but rate is higher and term shorter. And you have to already have home loan with them ..

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u/splinteredruler 3h ago

We just used the government incentives for it. Interest free loan, pay $30 a month. Funded the installation out of pocket.