What are solar panel loans?
With utility costs increasing across Australia, many homeowners are looking to solar energy to power their homes. However, installing solar panels to harness the sun’s energy comes at a cost. A solar panel loan from Red Tree Finance can help you cover a portion (if not all) of your installation costs. These personal loans offer a quick and hassle-free way to access the money you need so that you can make the switch to solar power sooner.
Why apply for a solar panel loan?
The upfront cost of solar panel installation can significantly impact your household budget, with $5000 being a common starting figure for a smaller system. You may be eligible for Government rebates that reduce the overall upfront cost, but even with those discounts factored in, the initial expense is still quite high for most homeowners. A cash loan to install solar panels can help you with much of that upfront cost, so you can arrange installation now without draining your bank account.
With a loan of up to $5000, you can fully or partially cover any of the following solar panel costs:
- Installation and labour costs
- Inverter upgrades or replacements
- Battery storage additions
- Electrical switchboard upgrades
- Connection and inspection fees
- Monitoring equipment and smart meters
Applying for solar panel loans with Red Tree Finance is easy. The entire process is online and takes just minutes. All you need are documents that prove your age, employment, citizenship or residency and ownership of an unencumbered and registered vehicle.
How do our solar panel loans work?
Solar panel installation has the potential to bring remarkable energy cost savings to your house, but the process can be expensive. With a solar panel loan from Red Tree Finance, you can fast-track that installation and start taking advantage of those cost savings sooner rather than later
Apply online in five minutes
Complete our online application form in about as much time as it takes to order and receive your coffee. Make sure you have your payslips, bank statements, ID and car registration details with you when you apply.
Get a decision within two hours
As soon as we receive your loan application form, we’ll get a member of our Australian-based loans team to assess it and provide you with a decision within two business hours of submission. If Red Tree Finance approves your solar panel installation loan, we’ll transfer the funds directly to your account within one business day, and you might receive it within an hour (depending on your bank).
Set your repayment schedule
You can set your repayment schedules to coincide with your regular pay cycles, whether it’s weekly, fortnightly or monthly. So you can meet your obligations on a timeline that suits your schedule.
Commitment to responsible lending
Red Tree Finance complies with strict responsible lending regulations and will only approve loans that we believe the borrower can comfortably repay. So you don’t need to worry about committing to repayments you can’t afford.
Read our full Responsible Lending Statement
Am I eligible to apply for a solar panel installation loan?
You may apply for one of our solar panel loans if you meet the following eligibility criteria:
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Are at least 18 years old
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Are you a permanent resident of Australia or valid visa holder
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Own an unencumbered vehicle registered in your name
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Have been employed for at least 3 months
Solar panel loan interest rates and fees
When you apply for a Red Tree Finance solar panel loan, we disclose all of our fees and charges upfront before you sign any contract. There are no hidden costs or other surprises. You can find out more about our fees here or read the key points below:
Online cash loan amount |
$2,350 – $5,000 |
Application Fee |
$0 (even if your application is not approved) |
Standard establishment fee |
$400 |
Other Fees |
$20 (included in loan) |
Annual Interest |
47% (Comparison Rate 65.9%)* |
Loan term |
12 Months |
Flexible repayment options |
Weekly, fortnightly or monthly (based on your payday) |
Direct debit dishonour fee |
$35.00 debit dishonour fee may be issued if a scheduled payment is missed or returned unpaid |
Get a quick online loan today
Whether it’s for an unexpected bill, a last-minute holiday, or to consolidate existing debt, give yourself a break and apply now with a top-rated private Australian lender.
How to apply for a solar panel loan
Applying for a loan to install solar panels on the roof of your home is easy. Follow these three simple steps:
- Complete your application online in less than 5 minutes.
- A member of our assessment team will personally review your application.
- Once reviewed, you’ll receive your outcome within two hours of submitting your application.
The information provided here is of a general nature and is provided without considering your specific objectives, financial situation, or needs. It is intended for informational purposes only and should not be relied upon as financial, investment, or other professional advice.
Before making any financial decisions or taking action based on the information presented, you are strongly encouraged to assess its appropriateness in light of your individual circumstances. Red Tree Finance does not intend to provide personalised financial advice, and you should seek independent financial, legal, tax, and other relevant advice tailored to your unique situation.
Frequently Asked Questions
See All See AllYes, you can! If you need help covering the upfront cost of installing solar panels at home, a solar panel loan can certainly help. At Red Tree Finance, you can apply online and borrow between $2350 and $5,000 to help cover the cost of panels, installation, and any associated electrical work.
According to the Solar Calculator website, you might expect to pay an average of $1000 per kW. A 6.6kW solar panel system, therefore, might start at about $6600, but could reach as high as $9000+ in some states or territories. You’ll need to factor in things like the number of panels, the difficulty of installation, your location, and the system’s quality, all of which can potentially increase the cost. Quotes can vary from state to state, so always seek qualified advice from registered suppliers.
Yes, you can. Government incentives like the Small-scale Renewable Energy Scheme (SRES) can significantly reduce the sticker price of solar, but they don’t always cover everything. A solar panel loan from Red Tree Finance can help bridge the remaining gap, so you’re not left waiting for savings to accumulate before you can go solar.
