Have plans to reduce your electricity bills? With the Suncorp Bank introducing its new ‘Solar Home Bonus’, existing homeowners who are planning to go green, can now put their plans into action. As of 31 July 2021, approximately 30% of Australian homes have rooftop solar photovoltaic (PV) installed, bringing Australia as the country with the highest uptake of solar energy globally. However, there is still more that we could do to protect our environment.
So, why bother installing a solar PV system?
The solar PV system is one of the most popular options among all green home upgrades options. This is because it represents a major commitment to reducing fossil fuels usage. A solar PV system does not emit carbon while generating electricity for households. Additionally, excess energy can be transmitted into the grid or stored in a rechargeable battery for future and emergency use. This, in turn, helps to achieve zero carbon emission in Australia from the household level.
The estimated cost to install a basic solar PV system is $3,500. Yet, recently increased production is putting downward pressure on its prices. Similarly to property investments, installing a solar PV system is a long-term investment. To encourage the uptake of solar PV systems, Suncorp Bank announced the new ‘Solar Home Bonus’ for new and existing homeowners.
In this article, we will walk through everything you need to know about Suncorp Bank’s Solar Home Bonus.
What is the Solar Home Bonus?
The Solar Home Bonus by Suncorp Bank is for customers who already had, or are planning to install a solar PV system by 31 December 2021. If you are an existing customer with a solar PV system installed, then you are eligible for a $500 cashback. If you are taking up a new Suncorp home loan and plan to install one solar PV system, then you are eligible for a $3,000 cashback.
Either way, you need to have your solar PV system fully installed by 31 December 2021.
Eligibility and verification:
In terms of home loans, you need to have:
- More than $50,000 outstanding for your Suncorp home loan
- A Suncorp Bank transaction account with the same name as your home loan application
For verification purposes, you can submit any of the following as supporting documents:
- An electricity bill that shows the feed-in tariff and/or the solar metering service charge
- A solar certificate
- A 7+ star NatHERS certificate
- An online property listing or a property valuation report
- A paid solar PV system installation invoice or receipt
There is no minimum requirement on the power rating of the solar PV system.
One important thing to take note of, is that this Solar Home Bonus is only applicable for houses and townhouses. In other words, apartment units and commercial properties are excluded from this cashback bonus.
Secondly, refinancing of existing Suncorp Bank home loans or loans pre-approval are also excluded.
Unsure if you are eligible for the Solar Home Bonus? Visit their website or get in touch with us for more information. Alternatively, use our home loan repayment calculator to know your monthly repayment amount.
A little about Suncorp Bank:
Suncorp Bank commits to power its operation 100% from renewable sources to reduce carbon emissions by 2025. Ambitiously, they also aim to achieve zero carbon emissions by 2050.
In fact, the 4 pillars of Suncorp Bank’s corporate responsibility principles that support their effort in going green are:
- Resilient people and communities
- Trust and transparency
- Sustainable growth
- Responsible financial services
We, the Benevolence Financial Group (BFG), choose to work with Suncorp Bank, because we see an alignment in their sustainability goals for the future.
Furthermore, as an ethical mortgage broker, BFG strives to give back to the community by providing free services to our customers and investing 50% of our profit to charity organisations, in your name. Thus, for you, it’s tax-deductible.
The information provided is general in nature and does not constitute financial advice. Please speak to us for recommendations on your individual circumstance and requirements.