Solar power has been beckoning to an increasing number of households and businesses every year in Australia.
A good 6.6kW solar panel system can set you back by $4,000 which is no significant amount.
While many Australian states offer rebates and incentives, it is still a considerable investment.In response to that, the buy-now-pay-later model has come to the aid of many.
It offers users an option to purchase the solar panel system now and start paying off in the future when you're profiting from the benefits already.
Then, you start paying it off in instalments, when the system has already begun to prove its worth.One clear advantage of this finance model is that you can purchase and start benefiting from your solar power system right away, without having to pay a single dollar upfront.Another benefit you might not know about is that this loan option has comparatively lower eligibility criteria, as opposed o a personal or bank loan.
While it may be labelled 'interest-free', retailers may have already incorporated such interest to be recovered in the cost of the system itself, cranking up the price by 20-25%, in which case, you might end up shelling out considerably more than had you decided to go through any other financing option.Additionally, you may find that interest-free loans come with shorter repayment windows, which could mean larger instalments for you.New policies for safeguarding customersDon't let this deter you just yet.