Premier Annastacia Palaszczuk has announced interest-free loans for Queensland families to install solar systems and slash their power costs. The loans are means-tested, of a value up to $4500. To be eligible Queenslanders must meet the Family Tax Benefit B criteria. “In this way, we are helping those who need it the most,” the Premier said.
The loans will allow another 3,500 families to join the 474,000 who already enjoy the benefits of solar. Energy Minister Dr Anthony Lynham said the Queensland Government’s offer was available from Monday, 25 June 2018. Customers will need to obtain a quote from an eligible solar supplier before submitting their application online.
Monthly repayments for $4500 loan over 7 years are around $54 per month or $648 per year. A 3-kilowatt solar system purchased with an interest-free solar loan could save a customer around $350 per year after loan repayments.
To receive a loan, customers need to:
- Be receiving Family Tax Benefit B
- Have electricity costs of at least $1000 over 6 months or $2000 over 12 months
- Use an eligible solar supplier which is available at www.qld.gov.au/solarloans
- Meet credit and loan assessment requirements set by the Qld rural and Industry Development Authority
- Have their solar system installed within 6 months of pre-approval
“These solar loans are offered with no interest, no fees and no charges for the seven-year loan period and aim to cover the supply and installation of an average 3-kilowatt solar system,” the Minister said.
“A successful applicant will pay no out-of-pocket expenses to access the loan and could save around $2450 over the life of the loan period.
Dr Lynham said the program adds to the Queensland’s energy saving measures for households that included the $300 rebate for energy efficient appliances and a $50 annual dividend paid to every household for the next two years.
“We are doing all we can to stabilise power prices and are committed to a two-year price cap that will see power prices not rise above inflation for the next two years.”
To apply or for eligible solar suppliers go to our website at www.qld.gov.au/solarloans.