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April’s top personal loans and how they could help you lower energy costs

April’s top personal loans and how they could help you lower energy costs

Future-proofing your home by making environmentally conscious upgrades has the potential to not only save you money on energy costs but may also add value to your home.

And did you know that there are specialty personal loans available to homeowners who specifically want to purchase and/or install eligible energy-efficient products for their home?

Green personal loans, as they are commonly known, typically have lower interest rates than standard personal loans as lenders incentivise borrowers to prioritise environmental sustainability when updating their home.

Rooftop solar installation is one example of a loan purpose that qualifies for a green loan, and has seen a significant increase in uptake recently, according to the Clean Energy Council's annual Clean Energy Australia report.

Released late last month, the report revealed that over a quarter of Australia's electricity supply now comes from renewable energy sources.

"In the past five years, Australia's renewable energy generation has almost doubled, increasing from 14.6 per cent in 2015 to 27.7 per cent in 2020," Clean Energy Council’s chief executive, Kane Thornton, said.

"Rooftop solar has again been one of the great success stories for the industry, despite COVID-19 shutdowns, with a record 378,451 systems installed across Australia," Mr Thornton said.

"As restrictions kept us at home, more people were looking for ways to keep energy bills down."

If you’ve been thinking about installing rooftop solar at home or making other energy efficient upgrades, such as the installation of evaporative coolers or double glazing, you may be exploring your financing options. 

RateCity has put together some of the top-rated green personal loans for April 2021 to help start your personal loan comparison.

Alternatively, if your home renovations aren’t necessarily eligible for a green loan, you might be interested in what standard personal loans may be available to you.

RateCity’s leaderboard ranks the top five standard personal loans using Real Time Ratings™, a world-first rating system that ranks products as you use the site, making them as up to date as possible.

(Rankings are correct at the time of publishing. Please note lenders may trade places on the list as interest rates and fees change and RateCity’s tracker reflects these movements.)

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This article was reviewed by Personal Finance Editor Mark Bristow before it was published as part of RateCity's Fact Check process.

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