Process for final approval
- Wait for us to confirm you are eligible and ask you to start financial checks
- Complete a credit check
- Submit loan application with financial documents
- Wait for us to confirm loan approval and send your QR code
- Install the solar system (within 120 days)
- Pay the difference to the retailer – the total cost minus the loan amount
- Start repaying the interest-free loan (monthly repayments over 4 years)
You must complete the installation within 120 days from the date the loan is approved to secure your funding.
Loan requirements
- Financial checks and self-declaration
When we confirm that you are eligible we will ask you to complete a 3-part financial check:
- Credit check report
- Financial self-declaration
- Proof of income
We need to assess if you are able to pay off the loan to meet our responsible lending requirements.
Equifax offer a free service to create a credit report. It takes around 10 minutes. Read more about credit check through Equifax.
You must assess your living expenses and income and ‘declare’ them in a form that we will send to you. You will also need to supply supporting documents, such as recent pay slips, to confirm the information.
If there is more than one applicant, we will need a credit check and declaration from each applicant.
The final step in your loan application is to upload the credit report (make sure it is less than 30 days old) and financial self-declaration and proof of income documents.
Commonwealth Government battery discounts
In April, the Commonwealth Government announced that the Cheaper Homes Batteries Program will open on 1 July. Further details are expected to be announced soon. You can sign up for updates here: Cheaper Home Batteries Program | Clean Energy Regulator.
Customers are advised that they should consider carefully their purchase of a battery when taking into account the discount from the Commonwealth Government’s program as specific details, including eligibility criteria and technical requirements are subject to regulations being made and may change.
Resources
Battery Buyers Guide
Find out more about types of solar battery systems and what to consider when buying one. Read our Battery Buyers Guide.
Financial checks
For information about the purpose and use of finance checks, go to MoneySmart: credit scores and checks.
Is a solar battery right for your home?
Installing a solar battery will allow you to benefit more from the clean energy provided by the sun.
How does a virtual power plant work?
Virtual power plants (VPPs) are a way for you to take your solar to the next level – and save money while you do.
Updated
