- Home
- Personal Loans
- News
- Why this could be the time to invest in solar
Why this could be the time to invest in solar
The cost of living is high and rising, with energy bills playing a significant role. With this in mind, could the potential financial benefits of a solar power system be worth the installation costs?
According to the Australian Bureau of Statistics (ABS) utilities prices rose between 4 and 7 per cent in the past 12 months, and annual price reviews for gas and electricity saw higher wholesale prices passed on to consumers in the September 2022 quarter.
And in the recent federal budget, the treasurer forecast that energy prices are likely to rise by another 56% over the next two years.
As a result of these rising prices, solar companies are reporting a significant rise in enquiries as Australians look for ways to limit the impact of hefty power bills on their household budgets. Rising energy prices could potentially mean that it takes less time to make up the cost of a solar panel installation from the savings on your power bills.
Whether you’re wanting to save money on your household power bill or make an ethical decision to decarbonise your money, going solar could be worth consideration. While there may be significant upfront costs to installing solar panels and batteries in the home, they may make up for it over the years through future energy savings.
Additionally, state governments across Australia are further investigating how to develop and improve electrical infrastructure with renewable energy in mind. For example, in the lead-up to the federal election earlier this year, the federal government made commitments to upgrade Australia’s electricity grid and to roll out community batteries to help encourage the take-up of rooftop solar. Similarly, for the upcoming Victorian election, Labor is intending to install 100 neighbourhood batteries across the state if re-elected. Easy access to community batteries could help households save the cost of adding a battery to their own home.
Australians may also be able to use specialist green finance products to help manage the cost of investing in solar technology for the home. This could include applying for a green personal loan or refinancing to a green home loan. These green loans often have lower interest rates, with eligibility criteria ensuring that the money be used to add green features to your home that will improve the property’s Nationwide House Energy Rating Scheme (NatHERS) star rating. There are also green car loans available for buying fuel-efficient vehicles, such as hybrids and electric vehicles (EVs).
You can use RateCity’s calculators to estimate the costs of a home loan, personal loan or car loan and compare these to potential energy savings to determine whether now is the best time to invest in solar and other renewable technologies for your household.
7.50%
8.90%
$933
Australian Credit Licence 234945
Fees & charges apply
Unsecured Personal Loan for Eligible Sustainable Purchases
- 1 to 7 years
- Unsecured
- Variable Rate
7.50%
8.90%
$933
Australian Credit Licence 234945
Fees & charges apply
Unsecured Personal Loan for Eligible Sustainable Purchases Fixed
- 1 to 7 years
- Unsecured
- Fixed Rate
5.49%
5.84%
$906
Australian Credit Licence 237879
Fees & charges apply
Secured Green Personal Loan
- 1 to 7 years
- Secured
- Fixed Rate
6.24%
6.24%
$916
Australian Credit Licence 238991
Fees & charges apply
Solar Eco Loan
- 0 to 7 years
- Unsecured
- Variable Rate
- No ongoing fees
6.49%
6.63%
$919
Australian Credit Licence 240573
Fees & charges apply
Green Personal Loan
- 2024 Award Winner
- 0 to 5 years
- Unsecured
- Variable Rate
- No ongoing fees
6.44%
7.45%
up to 6.76%
$919
Australian Credit Licence 238293
Fees & charges apply
Eco Personal Loan
- 1 to 5 years
- Unsecured
- Variable Rate
6.74%
up to 19.24%
6.99%
up to 19.52%
$923
Australian Credit Licence 238317
Fees & charges apply
Unsecured Green Personal Loan
- 1 to 7 years
- Unsecured
- Fixed Rate
- No ongoing fees
7.10%
7.10%*
$928
Australian Credit Licence 236476
Fees & charges apply
Green Loan
- 1 to 7 years
- Unsecured
- Variable Rate
- No ongoing fees
Compare personal loans
6.57%
up to 8.48%
7.19%
up to 13.58%
$920
Australian Credit Licence 488228
Fees & charges apply
- 2024 Award Winner
- 1 to 7 years
- Unsecured
- Fixed Rate
- No ongoing fees
7.99%
8.20%
$940
Australian Credit Licence 238311
Fees & charges apply
- 0 to 7 years
- Unsecured
- Variable Rate
- No ongoing fees
5.76%
up to 24.03%
6.55%
up to 24.99%
$909
Australian Credit Licence 474726
Fees & charges apply
- 2024 Award Winner
- 3 to 5 years
- Unsecured
- Fixed Rate
- No ongoing fees
7.24%
up to 9.39%
7.24%
up to 10.31%
$930
Australian Credit Licence 286596
Fees & charges apply
- 3 to 7 years
- Unsecured
- Fixed Rate
- No ongoing fees
9.49%
up to 9.99%
9.92%
up to 10.42%
$961
Australian Credit Licence 517589
Fees & charges apply
- 2024 Award Winner
- 1 to 5 years
- Unsecured
- Fixed Rate
- No ongoing fees
6.75%
up to 26.95%
6.75%
up to 26.95%
$923
Australian Credit Licence 411227
Fees & charges apply
- 2024 Award Winner
- Special
- 1 to 7 years
- Unsecured
- Fixed Rate
6.57%
up to 8.48%
7.19%
up to 13.58%
$920
Australian Credit Licence 488228
Fees & charges apply
- 1 to 7 years
- Secured
- Fixed Rate
- No ongoing fees
6.99%
6.99%
$926
Australian Credit Licence 517589
Fees & charges apply
- 1 to 7 years
- Unsecured
- Fixed Rate
- No ongoing fees
Product database updated 05 May, 2024
Share this page
Get updates on the latest financial news and products
By continuing, you agree to the RateCity Privacy Policy, Terms of Use and Disclaimer.