Households who meet certain criteria could have applied for an interest-free loan of up to $4,500 to purchase a solar system. The loan must be repaid within 7 years.
These loans helped households without the available funds to purchase a solar system upfront. Purchasing a solar system can help to make your electricity more affordable.
Small businesses were not eligible to apply.
To see the full eligibility requirements, read the Solar guideline for applicants.
Mrs Smith lives in regional Queensland and purchases a 3 kilowatt solar system with an interest-free loan. Her monthly repayments for a solar loan of $4,500 over 7 years are around $54 per month, or around $645 per year.
Her 3 kilowatt system generates around 4,600 kilowatt-hours of electricity per year and she uses around 65% of this in her home as she is often using power during the day. She saves around $1,000 per year on her electricity bill, including feed-in tariff payments. Therefore, she makes a total saving of around $355 per year ($1,000 saving - $645 loan = $355 total saving).
Note, a home in South East Queensland that pays less for electricity will save less each year from a solar system.
Read more about the financial benefits of solar power.