Government of Victoria is providing a rebate of up to $1,850 for solar panel (PV) system installation. The rebate is given to homeowners and rental properties both.
Solar panel subsidy or rebate of up to $1,850 along with interest-free loan is applicable until 30 June 2021. Find out scheduled rebate release dates from the government’s website.
In order to decrease installation charges, householders has an opportunity to apply for an interest-free loan. The loan amount has to be equivalent to their rebate amount. The loan amount can be repaid within a period of four years, or alternatively can be repaid sooner in one tranche.
To apply for the rebate, applicants must understand the eligibility criteria of Solar Homes Program. For that, contact an authorised solar provider like Silicon Solar for a quotation. The products must be on this approved products list, so as to apply for the rebate.
Later on, your retailer will upload the quote approved by you to the Solar Victoria Portal (the Portal). This will start the online process for assessment of your application. Once everything is set, you can upload proof of income and a Rates notice to approve your details.
On approving that you are eligible for the rebate, your retailer can claim the Solar PV rebate on your behalf. By doing this they will deduct the rebate amount from the total cost of your Solar Panel system. After the rebate is deducted, you will be paying the outstanding balance directly to your retailer once your solar is installed.
Generally, a typical household can save up to $890 per year on their electricity bills in Australia when they install solar panels.
Who Is Eligible For Solar PV Rebate?
Victorian residents are eligible to get a subsidy for installing a solar Photovoltaic system if they meet the following criteria:
- Either they are the owner of the property or the occupier of the property on rent in Victoria
- the owners of households in Victoria have an altogether household taxable income of less than $180,000 per year
- It is important to note that they should not have already got a rebate of owner-occupier under the Solar Homes Program
- The rebate is given if the solar system will be installed on the existing property, valued at under $3 million
- The same property address must not have applied for the rebate in the Solar Homes Program
- The applicant does not have an existing solar PV system*.
Once you’re confirmed that your property fits the above-mentioned eligibility criteria, you should look for trusted solar retailers who are authorized by the Government of Victoria to participate in the rebate program.
Everything About The Interest-free Loans
Also, the residents in Victoria can apply for an interest-free loan, under this program for the sum equivalent to their rebate amount.
A new interest-free loan can be applied up to an amount of $1,850 in this program. If your solar system is costing you less than $3,700, no upfront cost will apply in your case.
The loan sum has to be repaid over four years. You can choose to repay sooner in one lump sum.