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Australia’s best green personal loans for November 2020

Australia’s best green personal loans for November 2020

The popularity of rooftop solar has continued to grow among Aussie homeowners despite restrictions to installation caused by the COVID-19 pandemic.

According to the Clean Energy Regulator’s latest Quarterly Carbon Market Report released this week, rooftop solar PV installations accelerated in the September quarter, with 93,500 installations across the nation for an estimated total installed capacity of 750 megawatts (MW).

This is a remarkable 42 per cent increase on the same quarter in 2019.

The report revealed that despite Stage 4 COVID-19 restrictions in metropolitan Melbourne, increased installations in New South Wales, South Australia and Western Australia (up 21 per cent, 23 per cent and 22 per cent respectively on Quarter 2 2020) more than compensated for the 22 per cent drop in installations in Victoria.

With installations having recommenced in metropolitan Melbourne in October, a big backlog of rooftop solar PV installations (approximately 15,000 installations) is expected to drive a large Quarter 4 2020 in Victoria.

The Clean Energy Regulator’s expectations for 2021 are at a similar level to 2020 with the potential for 2.9 gigawatt (GW) to be installed.

If you have been considering installing rooftop solar panels at home, you might be starting to think about financing options.

Green personal loans were designed specifically for those who want to purchase and/or install eligible energy-efficient products for their home. They often have more competitive interest rates than regular personal loans, as lenders incentivise borrowers to be more environmentally responsible.

It’s important to remember that a personal loan is a financial commitment that will take some time to repay, and borrowers should carefully consider their personal financial situation before applying.

Take your time comparing personal loans to find one that best suits your needs and consider using RateCity’s Personal Loan Calculator to get a repayment estimate.

RateCity has put together some of the top-rated personal loans for November 2020 to help start your personal loan comparison.

(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 Alex Ritchie before it was published as part of RateCity's Fact Check process.

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