High power bills are a major worry for both businesses and households. Pressuring cash flow and budgets and creating stress and the need for compromising on other living expenses. Many Australians are also keen to move away from fossil fuel to renewables to support climate change initiatives. Making solar a very popular consideration for property owners. If you want to call time on being subjected to the price fluctuations of energy providers, take greater control of your power bills, reduce costs and your impact on the environment, consider the options available for solar loans to make an affordable move to renewables.
There’s no denying that the cost of purchasing panels and the supporting systems, and the expense of installation, even for a small property, can be significant. Low interest rate financing with workable repayments may bring that cost into the affordability zone for many households and business. Consider solar loans options available through Jade Finance for residential and business installation to make a move to renewables with competitive rate finance.
Consider Your Residential and Domestic Solar Loans Options
The size, scope and inclusions in purchasing and installing an alternative energy system in a residential property can determine the most suitable type of financing. The equipment parts of the system may be accepted as suitable collateral for a Secured Personal Loan. Design fees and labour costs, where charged separately form the panels and hardware, possibly from another supplier, may be financed with an Unsecured Personal Loan.
Where an entire system installation – panels, storage, technical system, labour, is provided by the one supplier, on the one invoice, an all-inclusive finance package may be secured. Our brokers work with individual property owners to determine the most affordable funding solution. Interest rates on secured loans are fixed so there would be no change to repayments over the fixed terms. An unsecured loan may attract a fixed or variable rate. Terms are negotiated to deliver a repayment schedule that best meets the requirements of the individual household budget.
Range of Commercial Solar Loans Credit Facilities
Businesses looking to install alternative energy systems on their premises can select the asset acquisition credit facility that best suits their operation. Choices for the equipment components include Chattel Mortgage, Rent-to-Own, Hire Purchase, and Leasing. Where longer term ownership of the system is the objective, Chattel Mortgage and Hire Purchase may be the most suitable options. Where a replacement or upgrade is being considered in coming years, Leasing may be a more workable funding product.
Asset acquisition credit facilities are secured format financing where the goods being financed are used as the security for the loan. This applies to the panels, batteries, and other equipment involved in the installation. If the labour for installation is supplied separately, a Business Loan or Overdraft may be required for this expense.
Our brokers work with individual businesses to structure a financing package which best suits the ROI targets, cash flow projections, and delivers a workable repayment schedule over the repayment term. Balloons can be used with Chattel Mortgage and Hire Purchase to reduce monthly commitments.
Reduce the Cost of Installation with Low Interest Rate Solar Loans
Investing in solar panels and battery storage facilities can be a long-term strategy by property owners to reduce their power bills. Making the importance of achieving competitive rates on the funding even more significant to reduce the short-term cost impact of the installation.
There are many providers of credit for solar installations currently in the space, including system suppliers and dealers providing financing alongside the purchase. While this may be seen as a convenient way to secure funding, it will typically be provided through a third party – a finance company. When considering any offers of finance, property owners should ask, is this the best deal I can get? Chances are, we can secure you a better interest rate.
We have access to over 80 lenders and considerable leverage in the lending market. Allowing our brokers to secure the most competitive interest rates. Our rates on secured credit products – personal and business, are fixed, ensuring there will be no change to repayments over a fixed term if there are rate changes by the RBA.
To compare our rates, simply use our finance calculators. Ensure you use the correct interest rate we are currently displaying for your choice of loan when generating estimates for comparison purposes.
What You Need to Apply for Solar Loans
Residential property owners applying for solar loans will need to meet the Consumer Credit guidelines as set out by ASIC. Credit providers must adhere to these guidelines. Proof of income, employment, assets, expenses, ID and other documentation is required. Credit scores will be reviewed by lenders with good ratings receiving the best rates and offers.
Business applicants will be required to hold an ABN and provide a range of documentation on their financial position. These documents include tax returns, annual accounts, BAS returns, bank statements, profit and loss statements, asset and liability schedules and similar. Credit history will be assessed.
Applying for solar loans with Jade is a straightforward process. Initial quotes and applications can be requested and submitted online or by phone. One of our brokers will handle the entire finance sourcing and application processing operation. Individual service is provided to ensure fast approvals to expedite your installation and the commencement of lowering your power bills.
For a solar loans quote to suit your specific property and installation, contact Jade Finance and request a quote.
DISCLAIMER: NO LIABILITY IS ACCEPTED IF ERRORS OR MISREPRESENTATIONS ARE FOUND IN THIS ARTICLE. THE ARTICLE IS PREPARED AND PRESENTED FOR GENERAL INFORMATIVE PURPOSES AND IS NOT INTENDED TO BE THE SOLE SOURCE OF INFORMATION FOR MAKING FINANCIAL DECISIONS. THOSE REQUIRING GUIDANCE AND ADVICE SHOULD CONSULT A FINANCIAL ADVISOR.
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