Battery storage makes financial sense

Solar Battery makes financial sense

As solar battery technology improves, the benefits begin to outweigh the costs.

In a recent article published by the Australian Financial Review Ben Potter outlines how the latest advancements in solar battery storage has made investment in the technology make financial sense for home owners.

Whilst the attractiveness of solar PV systems has long been apparent to many Australian households, the reliability and durability of batteries has been an area of concern, until now. Having financed thousands of solar PV systems nationally, the specialist team at Classic Clean Energy Finance, are amongst the most excited observers of the latest Powerwall 2 launch.

“We have been financing clean energy assets since 2014 and have witnessed the change in quality of panels in the Australian market, as well as in the expertise of the installers who have learnt how to install batteries, in preparation for the storage boom”, says Hamish McMinn, Business Development Manager of the Clean Energy division of Classic. “The advent of battery storage is the logical next step in giving households full control over their power supply and the cost of that power supply”, McMinn says.

As outlined in the Australian Financial Review article, the analysis conducted by Michael Vorstermans shows that battery storage is now a financially sound investment decision, with savings amounting to hundreds of dollars a year when compared with buying energy exclusively from the grid. Feeling the threat of households becoming self-sufficient, big energy companies are coming out with their own Solar PV and battery offers, however ownership of the assets, is not an option.

“Whilst homeowners could use their home equity to buy a solar & battery storage solution and try to benefit from the low rate, unless the additional borrowing is paid off quickly, the actual amount paid in interest over the term of the loan might be higher than if financed separately on a five or seven year loan” explained McMinn. “We’ve already noticed an increase in enquiry for our zero deposit Solar & Battery loans, with our customers particularly expressing that they like the peace of mind of knowing exactly how much the system will cost each month”, continued McMinn.

Considering the potential savings from a Solar PV & Battery package outlined in recent media, battery technology is the next chapter in the clean energy movement in Australia. Home owners interested in financing Solar PV & battery packages can calculate the potential repayment amounts on the Classic website and speak with the Classic Clean Energy Finance team to obtain options and prices suitable for their needs.

Contact the team on 1300 780 895 or email solar@classicfg.com.au.