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The government is offering Victorian solar rebates of up to $1,850 off the cost of your Solar (PV) System. This is great for your first solar panel package to keep your upfront cost low.
Solar energy could also help you save thousands on your energy bills per year, as well as exchanging excess power for money under the ‘Feed In Tariffs’ incentive scheme.
There are two different types of feed in tariffs, one is a single rate FiT and the other is a time variable FiT. A single rate tariff applies a ‘one rate’ to all of your electricity produced where as the time variable will give you different rates and different times of the day.
To further help first time solar panel buyers with upfront costs, the Victorian government is offering an interest-free loan. It is a fantastic opportunity for people who are looking to invest into solar but either don’t want to pay the upfront cost or simply can’t afford the upfront cost.
By installing solar panels, households will typically save up to $890 per year on their electricity bills. This is an average estimate for houses with solar panels in Victoria.
You will be able to check your eligibility online at the Solar Victoria Portal. The interest free solar loan must be paid within four years of your system being installed. You can also pay off your interest free loan sooner if you wish too.
At the moment, these interest free loans are only available for solar panels and do not apply for solar batteries or solar hot water systems.
In line with the existing rebate, the new interest-free loan can be applied up to an amount of up to $1,888. If your system costs less than $3,776, there will be no upfront cost.
As we cope with the stress and uncertainty of the COVID-19, there is a brighter future ahead. The Government has released some stimulus plans and you can find them below. Most SME’s will be eligible for one or more of these proposed incentives which are expected to be brought before parliament for approval on the 23rd March 2020.
They are increasing the instant asset write-off to $150,000 and changing the turnover threshold to use the write-off concession to $500 million.
Small and medium businesses have more incentives to own solar systems up to $150,000 and can have instant write-offs. This will not only help reduce their electricity bills but also improve cash flow.
Any assets acquired from 12th March 2020 until 30th June 2020.
Annual turnover up to – $500 Million.
100kw system it costs $100,000 which is less than $150,000, and for business (revenue in this financial year < $500 millon) who wants to install solar but hesitant due to COVID 19, can now be more confident to say yes to install the 100kw system and have all this $100,000 to be written off.
Government accelerated depreciation deductions for new eligible depreciation assets (50% deduction in the first year).
Medium and large businesses have more incentives to own large solar systems and can have instant 50% deductions.
For a 200kw system or more it costs around $150,000 and/or for business (revenue in this financial year > $500 million) who wants to install solar but hesitant due to virus impact, they can now be more confident to say yes to install this 200kw or more, and have 50% of this system value written of in 1 year.