Solar Victoria interest-free battery loan
The Solar Victoria interest-free battery loan replaces the previous Victoria Home Battery Scheme, with applications for battery rebates in Victoria no longer accepted from 30 June 2023. From 1 July 2023, homeowners looking to reduce the upfront cost of installing a battery on their home will need to apply for an interest-free loan through the new scheme, with 4,500 loans of up to $8,800 to be made available in 2023-2024.
Solar panel and hot water system rebates that are part of programs which accelerate the renewable energy transition, including the Victorian Solar Homes rebate program and Victorian Energy Upgrades (VEU) program, are still available and accepting applications.
Previously, eligible Victorians installing a battery to store the energy their solar PV system generates were eligible for a rebate. While Solar Victoria will continue to assist Victorians with funding for a home battery, this assistance is switching from a $2,950 rebate to an $8,800 interest-free loan with repayments spread across four years. While Victorians now need to shoulder all of the costs of installing a home battery, the availability of an interest-free loan reduces the up-front costs.
What’s more, homeowners who were previously ineligible for the rebate due to having obtained a solar rebate may now be eligible for the interest-free loan. This important change to the Solar Homes Program will unlock solar batteries for thousands of households and enable more Victorians to lower their electricity bills, reduce reliance on grid electricity and move towards energy independence.
Loan eligibility and applications – how does the program work?
Firstly, it’s important to note that to be eligible to apply for an interest-free loan through the program, the product must be an approved home battery, like a sonnenBatterie, and installation must be completed by a Solar Victoria Authorised Solar Retailer. This means the installer is Clean Energy Council (CEC) Accredited and holds a Battery Endorsement. When you choose a sonnen product, you also get peace of mind in that our accredited and certified installers receive in-house training and accreditation, and are backed by our local service and warranty support teams.
Your authorised solar retailer will need to upload your quote into the Solar Victoria Portal before you can start the online eligibility process, but before that happens, they’ll need to obtain approval for grid connection from the Distribution Network Service Provider (DNSP) in your local area. In Victoria, the DNSPs are AusNet, CitiPower, Jemena, Powercor and United Energy. Your authorised solar retailer will handle grid connection approval and the uploading of the quote into the Portal, but if you’re not sure who your local DNSP is and would like to find out, you can use DEECA’s online tool. Once your quote is uploaded, you’ll receive an email to complete your initial eligibility application.
The process of applying for a solar battery loan under the Victorian Solar Homes scheme is:
- Assess your suitability for a battery and research suitable products
- Find an authorised solar retailer and sign a quote acceptance
- Complete your eligibility application
- Complete your loan application
- Arrange the installation
- Enjoy the benefits.
As the scheme has just commenced, eligibility checks can be submitted from 17 July 2023 onwards.
Rebate eligibility criteria
To be eligible for a solar battery loan, Victorian homeowners need to meet the below criteria:
- Pre-approval has been obtained from your DNSP to safely connect a battery to the grid
- Your household taxable income is less than $180,000 annually (combined across all owners)
- You are the owner-occupier of the (existing) property where the battery will be installed
- You agree to receive information from your DNSP about taking part in battery trials
- The property is valued at under $3 million and hasn’t previously received a battery rebate
- The property has (or will have) a solar system with an inverter capacity of 5kW or greater
- The battery has a capacity of 6kWh or more and is listed on Solar Victoria’s product list.
Benefits of home battery storage
Installing a home battery to store the energy your rooftop solar PV system generates is an excellent investment and provides a wide range of benefits that will see homeowners across Victoria race to apply for the 4,500 interest-free loans available this financial year (2023-24). Here are three of the many reasons why you should consider applying for a loan to assist with the purchase of a battery.
- Blackout prevention: Some home batteries, like the sonnenBatterie Evo, enable you to keep lighting and appliances powered at home during a blackout with a backup power feature
- Emissions reduction: Reducing reliance on grid electricity by using solar helps households to reduce their carbon footprint and lowers the impact our lifestyles have on the environment
- Energy independence: Installing a home battery can help to deliver greater independence from the grid, reduce exposure to rising energy prices and lower your electricity bills.
Want to find out how much you could potentially save each year with solar battery storage? Use our online solar battery calculator to get an immediate estimation of your potential solar savings.
Other solar and energy rebates in Victoria
Along with interest-free home battery loans, the Solar Homes program has made a range of rebates available to Victorian households looking to switch to solar and save on electricity bills while playing a role in building a cleaner future for us all. The Solar Homes rebates currently available include:
Provides rebates of up to $1,400 and interest-free loans
Provides rebates of up to $1,000 for eligible heat pumps and hot water systems.
Provides rebates of up to $1,400 (subject to a lease agreement) for rental properties.
Provides rebates of up to $1,400 for not-for-profit organisations.
Find a sonnen approved installer
The sonnenBatterie is an eligible product under the Victorian Solar Homes program that provides interest-free loans of up to $8,800 and is available from your local sonnen authorised installer now.
Explore the sonnen product range and contact a sonnen expert to find out how we can help you access an interest-free loan and help your household move closer to energy independence.
