Interest free solar loan for Queenslanders

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Queensland families will soon benefit from means-tested interest free loans on solar system installation, allowing them to install solar panels to the value of $4500.

To be eligible Queenslanders must meet the Family Tax Benefit B criteria.

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

The loans will allow another 3500 families to join the 474,000 who already enjoy the benefits of solar.

Energy Minister Dr Anthony Lynham said the Queensland Government’s offer is already available.

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

Eligible solar suppliers are listed on the Queensland Government website at www.qld.gov.au/solarloans.

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

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

To receive a loan, customers need to:

  •      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 www.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.

“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 3kW solar system,” Dr Lynham said.

“A successful applicant will pay no out-of-pocket expenses to access the loan and could save around $2450 over the life of the loan period.”

Dr Lynham said the program adds to Queensland’s energy saving measures for low-income households, which included the $300 rebate for energy efficient appliances and a $50 annual dividend paid to every household for the next two years.

“We are doing all we can to stabilise power prices and are committed to a two-year price cap that will see power prices not rise above inflation for the next two years.”

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