Plenti green loans: Low-interest solar finance
Plenti Green Loans are a popular solar financing option in Australia, with lower interest rates than the typical personal loan.
You can borrow from $5,000 to $50,000, with a repayment period of 2 to 7 years. The loan can be set up so that payments are smaller than the power bill savings achieved, which means your home solar system pays for itself.
Plenti has a track record of over 17,000 loans for solar and battery systems, and more than 77,000 loans in total. You can check your eligibility and interest rate in one minute, with no impact on your credit score, and the application can be completed in less than 10 minutes. If you get approved for a Plenti Green Loan, the funds will be transferred to your account within two days.
We will provide a simple cash flow projection, showing how you can go solar with a Plenti Green Loan, and pay with the savings achieved. Our calculation will be based on a 6.6-kW solar system in Brisbane, with a price of $5,299. The savings are based on the sunshine and typical electricity prices you can find in South East Queensland.
Financing a 6.6-kW Solar Power System with Plenti
When you install a 6.6-kW solar PV system in Brisbane, you can expect an electricity output of 9,000 to 10,000 kilowatt-hours per year. To estimate power bills savings, we will assume the following conditions:
- The solar power system produces 9,500 kWh per year.
- Your home uses 40% of that energy, while 60% is sent to the grid in exchange for a feed-in tariff.
- Your power bill charges 22 cents/kWh, while compensating you with 12 cents/kWh for exported solar generation.
Under these conditions, the 3,800 kWh of solar consumption will save you $836 on power bills, while the 5,700 kWh exported will give you a credit of $684. The total economic benefit from going solar is $1,520 during the first year, and these savings will increase if electricity prices keep rising.
With respect to the loan conditions, we assume an interest rate of 6.99% p.a. and a repayment period of six years. The loan has an establishment fee of $300 and an ongoing fee of $3/month. This results in a total payment of $1,419.81 for year one, and $1,119.81 for years 2 to 6.
The annual power bill savings are higher than loan payments, which means your home solar system can cover its own cost. The loan will be fully paid in six years, while your solar panels can last for more than 25 years.
The following table compares the savings and payments over a 10-year period, when using a Plenti Green Loan to finance a 6.6-kWh solar power system. Note how the accumulated savings are approaching $9,000 by the end of year 10:
|Year||Payments||Savings||Net Savings||Accum. Savings|
The chart below displays the cash flow projection for a 10-year period, based on the loan payments and expected solar savings:
Who Can Use Plenti Green Loans for Solar Financing?
You only need one minute to check your eligibility for a Plenti Green Loan. However, you must meet the following general conditions:
- Being an Australian citizen or a permanent resident
- Being at least 21 years old
- Having a regular source of income that can be demonstrated
- Having a good credit history
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