Interest-free solar finance with Brighte

Published: 9 September 2021

Purchasing solar can seem like a big investment, but with $0 deposit, interest-free financing you can be cash flow positive from day one!

Brighte can lend you up to $30,000 with 0% interest for solar systems and home improvements, and they also offer low-interest green loans for other projects. Their interest-free loans can be divided into fortnightly payments over a period of 6-60 months, and their green loans have a term of 2-7 years.

When going solar with Brighte, you can pay with the power bill savings achieved over time, reducing your out-of-pocket cost to zero. Their interest-free loans cover projects from $1,000 to $30,000, and you can get pre-approved for up to $15,000 – this covers the needs of most homeowners who install solar power.

  • Brighte only charges a fixed fee of $1.50/week during the loan repayment period, and $4.99 fee for late payments.
  • The weekly fees are included in your fortnightly payments, and late payment fees are capped at 10 per year ($49.90).

If you finance a home solar system over five years with Brighte, and you cover all payments on time, you will only pay $390 in fees over a 260-week period. For comparison, if you borrow $5,000 from other financial services at 8% over five years, you pay more than $1,000 in total interest.

To demonstrate how solar pays for itself when using an interest-free loan from Brighte, we will provide a simplified cash flow projection for a 6.6-kW system, with a price of $5,299. To estimate the power bill savings, we will assume the typical sunshine conditions you can expect in Brisbane, QLD.

Financing a 6.6-kW solar system with Brighte

Generally, a 6.6-kW home solar system in Brisbane will produce from 9,000 to 10,000 kilowatt-hours each year. To calculate the savings achieved, we will make the following assumptions:

  • The average electricity output is 9,500 kWh per year.
  • 40% of that energy is consumed directly, while the other 60% is exported to the grid.
  • The electricity provider charges 22 cents/kWh for consumption, while paying a feed-in tariff of 12 cents/kWh for surplus production.

Under these conditions, you can expect to save $1,520 during the first year: $836 in direct savings when using solar power, and $684 from the feed-in tariff. Brighte would be charging you $43.77 per fortnight ($1,138.02 per year), and this includes the $1.50 weekly fees.

Since the annual power bill savings are higher than the loan payments, the 6.6-kW solar power system can cover its own cost. You will still have $382 left in savings after covering all the Brighte payments in the first year, and the loan is fully paid off by year 5.

The table below shows the savings and payments over a 10-year period, when financing a 6.6-kW solar system with Brighte. Your total savings will be close to $10,000 by the end of year 10, and consider that high-quality solar panels last for 25 years or more. Your savings will also increase slightly each year, due to the effect of inflation.

YearRepaymentsSavingsNet SavingsAccum. Savings
0$0.00
1-$1,138.02$1,520.00$381.98$381.98
2-$1,138.02$1,529.04$391.02$773.00
3-$1,138.02$1,538.24$400.22$1,173.21
4-$1,138.02$1,547.60$409.58$1,582.80
5-$1,138.02$1,557.14$419.12$2,001.91
6$1,566.84$1,566.84$3,568.75
7$1,576.71$1,576.71$5,145.45
8$1,586.75$1,586.75$6,732.20
9$1,596.97$1,596.97$8,329.17
10$1,607.36$1,607.36$9,936.53

The following chart provides a 10-year cash flow projection, based on these solar savings and loan payments:

Who can use Brighte for solar financing?

To be eligible for an interest-free solar loan from Brighte, you must meet the following conditions:

  • An Australian citizen or resident
  • At least 18 years old
  • Own a home, or being in the process of purchasing one
  • Economic requirement: Being employed, self-employed, a self-funded retiree, or receiving the Government Age Pension
  • Have an Australian driver’s license, passport or Medicare Card.

Want to learn more? Contact us today!

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