Solar battery loans

Interest-free loans of up to $8,800 are available to help eligible Victorian households reduce the upfront costs of installing a solar battery.

Solar battery loans remaining for 2023-24:

Last updated 4 March 2024, 10:30AM

Solar Victoria solar battery loans will reduce the upfront cost of installing a solar battery, with repayments made over a four-year period.

The application process is completed in two stages - an initial eligibility check and a financial check. More information can be found in Step 3 and Step 4 on this page.

There are 4,500 interest-free loans of up to $8,800 available in 2023-24.

Eligibility Criteria

As a Victorian householder, you could be eligible for a solar battery loan if you meet the following eligibility criteria:

  • you are the owner-occupier of an existing property where the system is to be installed
  • the combined household taxable income of all owners is less than $210,000 per year
  • the property is valued at under $3 million
  • the property address has not previously received a solar battery rebate
  • the property has a solar panel system with an inverter capacity equal to or greater than 5kW,or will have one installed in conjunction with the solar battery installation.
  • the energy storage solution has a capacity equal to or greater than 6kWh and is listed on Solar Victoria’s battery product list and the property does not have an existing energy storage system.
  • pre-approval is obtained from your Distributed Network Service Provider (DNSP) to safely connect a battery to the grid
  • the owner/s agrees to receive information from their Distribution Network Service Provider about taking part in battery trials to maximise the value households get from them.

Battery storage may not be suitable for all households and circumstances, and we recommend doing research as the first step on your battery journey, to check if a battery will be suitable for your household. The solar battery rebate is not available to homes under construction.

You should begin your research now and contact an authorised retailer when you are confident a battery is the right investment for your home.

Step 1: Do your research and assess suitability

There are many reasons to install a solar battery and some of the most common are:

  • Reduce energy costs
  • Tackle climate change,
  • Achieve energy independence,
  • Back up in case of a black out; and
  • Transition to an all-electric home

Installing a battery is also a significant investment for most households.

It is important to do your research, and before you begin you should answer the following questions to understand what product is right for your needs.

  • How do you use energy in your home?
  • What system size should you choose?
  • What is the installation cost vs expected savings?
  • What else should you consider?
  • Are you ready for a battery?

You also need to consider whether you want the battery to operate in “standalone” mode, your energy needs in such a situation and whether any additional wiring or electrical upgrades may be required.

Energy bill savings compared to the cost of loan repayments should also be considered when applying for a Solar Battery loan. More information on what you need to know before installing a battery can be found here.

Step 2: Find an authorised solar retailer

Once you have done your research and are satisfied that a battery is for you, you can find retailers to provide designs and quotes for your system.

To be eligible to apply for a solar battery loan, your installation must be completed by a Solar Victoria authorised solar retailer.

We strongly recommend that you get at least three quotes for roughly the same system size and functionality.

Before you accept a quote from a retailer, carefully research the company, look up their customer reviews and ask as many questions as you need to feel comfortable that the proposed battery system is a good investment for your specific circumstances.

We do not recommend accepting a quote or paying a deposit before we can confirm that your solar battery loan application is fully approved, and that you have fulfilled all eligibility and financial requirements.

As a minimum, you should confirm with your retailer that any deposit you pay is fully refundable.

Your authorised solar retailer will need to provide you with a written quote that contains the information you need to make an informed decision. They will send your quote to us which will start your initial eligibility application.

Step 3: Complete your initial eligibility application

After we receive your quote from your retailer, you will be sent an email containing a link to complete your initial eligibility application in the Service Victoria Portal. You can check the eligibility criteria at the top of this page.

Documents required to prove eligibility

You will need to provide proof of identity, income and property ownership when you apply via the Solar Victoria Portal, so be sure that you have your paperwork handy when you’re ready to apply.

Proof of identity

You will need to enter the details from any 2 forms of ID. These can be a:

  • Driver's licence or learner permit
  • Medicare card
  • Australian passport
  • Australian birth certificate
  • Australian citizenship certificate
  • Foreign passport. This should be a foreign passport with a valid Australian Visa.
  • Immicard

Make sure the names on both documents are the same.

You can find out more about your Australian citizenship by visiting the Australian Government Department of Home Affairs (citizenship website).

Proof of property ownership

You will need to provide the details of all homeowners so we can confirm property ownership. You must enter the names of all homeowners exactly as they appear on your council rates notice.

If you do not have a council rates notice for an established property, please contact Solar Victoria for assistance.

Proof of income

You will need to provide documentation for each person named as an owner on your council rates notice or copy of your Certificate of Title.

For instance, if there is more than one owner of the property, we need proof of income documents for all listed owners for the same financial year.

Depending on your financial situation, see options for proof of income documents here.

This initial eligibility check must be completed by you, the customer, and not the solar retailer. For information on how to apply please refer to the guide below.

Solar battery loan customer portal user guide
PDF 5.68 MB
(opens in a new window)

Applying for more than one Solar Homes product?

If you are applying for a solar panel rebate and interest-free loan AND a solar battery loan you will receive a separate email for each quote. You will be required to complete a separate eligibility application for each of the products. If you would like to apply for a hot water rebate, you will also need to confirm you meet the eligibility criteria for that rebate and submit a separate application.

Step 4: Submit your loan application

After you pass your initial eligibility check we will send you an email to complete your financial check. The email will explain how to submit your loan application. At this stage you will need to provide the following documents:

  • Credit check through Equifax that is less than 30 days old
  • Financial self-declaration form – completed and signed
  • Documents to confirm your declared income

Credit check

To be approved for a loan you must complete a credit check through Equifax.

Equifax offers free credit checks and takes around 10 minutes to complete. For information on how to complete a credit check you can review the guide below.

How to apply for a Credit Report through Equifax
PDF 2.29 MB
(opens in a new window)

The MoneySmart website can provide you with further information about the purpose and use of credit checks and credit reports.

Financial self-declaration and supporting documents

You will also need to complete a self-assessment of your living expenses and income. This information is provided through a financial self-declaration form that we will send to you.

This information is so we can verify you can make regular payments for the interest-free loans and that you will not experience any hardship when completing payments. You will also need to supply supporting documents, such as recent pay slips, to confirm the information provided in the financial self-declaration form.

If there is more than one applicant, we will need a credit check and supporting documents from both applicants to confirm declared income.

At this stage, we recommend that you return these documents as soon as possible, so your loan application can be processed quickly.

Responsible lending

We are a responsible lender and consider each applicant’s financial circumstances to assess whether the proposed loan is suited to their circumstances. Before you consider entering into a loan agreement, we recommend you visit the MoneySmart website for advice on how you can manage loan repayments.

You can also find more information on what this means to you in our FAQs.

Once you submit your information we will assess your loan application and let you know the outcome.

Step 5: Arrange your installation

When your loan application is approved, you can contact your retailer to book your system installation.

On the day of installation, your installer is required to scan the QR code contained in your loan confirmation email.

Customers will have 120 days to complete the installation from the date the loan application is approved.

Once installation is complete, pay the retailer the amount you owe them. This is the total amount minus the interest free loan amount and any other Solar Victoria rebates you may have applied for.

Loan repayments will be debited from your nominated account and will take place 30 days after the installation is approved by Solar Victoria.

Downloads

Solar Battery fact sheet
PDF 427.16 KB
(opens in a new window)
Solar Homes fact sheet
PDF 748.13 KB
(opens in a new window)

Further reading

Updated

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