Victorians, the wait is over! State Government solar rebates are back, but this time they’re a bit like tickets to a hit concert – that is, there’s a strictly limited number available each month and they will be snapped up quickly!
We’ve put together a quick cheat-sheet on everything you need to know if you’re in Victoria and want to take full advantage of these new rebates.
Solar Panel Rebate
Most important to know: There’s a limited number available and the value will drop each year
Last year these rebates ran out due to oversubscription, so the Government has now capped the number available to 3,333 each month. So, unless you pounce quickly you might miss out or be in for a long wait. 60% of the first month’s allocation were snapped up on day one!
Update on 28 Aug 2019: Solar VIC has announced an additional 23,000 rebates to relieve the rebate bottleneck that was slowing down installations. More info on the Solar VIC website is here.
For the remainder of this year, the maximum rebate you can receive (provided as a point-of-sale discount) is $2,225. This will be incrementally reduced to a maximum of $1,888 in 2020.
The only solar companies that can offer these rebates are CEC Approved Solar Retailers. Amongst this list of industry leaders you will, of course, find ShineHub!
In order to be eligible for this rebate, you must meet the following criteria:
- Victorian household
- Applicant must be the owner-occupier of the property
- The owners must have a combined household taxable income of less than $180,000 per year (based on last year’s ATO Notice of Assessment)
- The property must be existing and valued under $3 million
- You must not have an existing solar panel system
Click here to see how many solar panel rebates are still available this month.
Most important to know: Only 1,000 available in the first year, only certain postcodes are eligible and only for households with solar panels already installed. 200 rebates are available until 31 Oct 2019, 400 more from 1 Nov 2019 to Feb 28 2020, and the remaining 400 from 1 March 2020 to 30 June 2020.
The Victorian Government are piloting a battery rebate scheme valued at $4,838 per household. However, this is only available to people who live in certain postcodes – areas identified as ‘growth suburbs’.
This rebate is only available for eligible households that already have at least 5kW of panels installed - so if you’re starting from scratch, this one isn’t for you.
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Key points from the eligibility criteria:
- Owners must have a combined household taxable income of less than $180,000 per annum (based on any of last two years’ ATO Notice of Assessment)
- The property must be existing and valued at under $3 million;
- Property must sit within a targeted postcode, as identified by Solar Victoria;
- The property must already have solar PV panels installed with a capacity equal to or greater than 5kW;
- You must agree to install an energy storage solution listed on Solar Victoria’s Approved Battery List (don’t worry, our batteries are on the list!)
- There’s a few more boxes to tick – full list here.
To check how many battery rebates are available this month, click here.
Most important to know: These 4-year interest-free loans of up to $2,250 are for solar panels only, not batteries. The loans are provided in addition to the solar panel rebate.
In an effort to reduce the upfront cost of going solar, eligible households can apply for an interest-free loan of up to $2,250 from the Victorian Government. The repayment period is 4 years and repayments start after the system is installed and confirmed by the homeowner.
To be eligible to a receive an interest-free loan, Victorians households must be eligible to receive the solar panel rebate (outlined above). If your solar panel rebate is approved, you will also be eligible for a no-interest loan.
So, the moral of the story is – if you’re a Victorian household that has been thinking about making the switch to solar, or adding a battery to your existing system, there has never been a better time to act than right now. But, with strictly limited availability and benefits reducing overtime, you better act fast or risk missing out. Click here to book a phone call to get free quotes for your home today!