Financing Solar Panels: Attractive Options
Solar panels pay for themselves quickly. You immediately start saving on your energy bills, and they also increase the value of your home. The discussion about feed-in tariffs at Vandebron doesn’t really change that! However, it is still a significant investment and can be a drain on your savings. But is it really necessary to dip into your savings to buy solar panels?
Financing Solar Panels: Government Loan Options Available
The reassuring answer: no, it’s not always necessary to dip into your savings to buy solar panels! There are several financing options available. The government believes that everyone should have the opportunity to make their home more sustainable. That’s why the National Heat Fund was established in 2013 — to provide accessible financing for energy-saving home improvements. One of the key options available through this fund is the Energy Saving Loan.
Solar Panel Loan: The National Heat Fund
The National Heat Fund is a great option for financing solar panels. It’s good to know that this foundation is non-profit and aims to offer low interest rates. For example, they only provide interest rates that match the full term of the loan — meaning the rate remains fixed for the entire duration.
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Financing Solar Panels with 0% Interest
Currently, if your combined household income is below €60,000 per year, you can benefit from a 0% interest rate. For higher incomes, the current rate (as of September 2023) is 4.3%. Loan terms are available for 7, 10, or 15 years. The National Heat Fund is a government-backed initiative and accessible to almost everyone. In practice, your monthly repayment may be lower than the savings on your energy bill.
Loan from the National Heat Fund: an example calculation
- Investment in 12 solar panels of 435 Wp each, total capacity of 5,220 Wp. Cost: €6,200
- Annual yield: 4,780 kWh at €0.30 per kWh = €1,434. That’s €120 per month in savings.
- The monthly repayment for the Energy Saving Loan (Energiebespaarlening) is €47, which comes down to €564 per year.
So, your monthly expense is €47, while your energy bill drops by €120 per month!
* Wp stands for Watt-peak, which is the panel’s maximum power output. Energy usage is expressed in kilowatt-hours (kWh), where 1 kilowatt-hour = 1,000 watts.
Financing Solar Panels Through Your Mortgage
Another option for financing solar panels is to increase your mortgage to 106%. However, it’s important to clearly define upfront what the money will be spent on, and this must be included in the appraisal value after the renovation. Alternatively, you can borrow extra money based on your income, without specifying the exact use of the funds. In this case, you can borrow up to €9,000 or €15,000 for energy-saving measures, such as insulation, heat pumps, and solar panels.
What’s the difference? With the first option, you must specify the purpose of the loan beforehand, and it must align with the mortgage appraisal. In the second option, you can borrow the additional amount (either €9,000 or €15,000, depending on the energy label) on top of your maximum mortgage, with no need to specify the exact use of the funds.
Financing Solar Panels: But What If I Already Have Solar Panels?
Even if you already have solar panels, this loan can still be a great option. You can use it to finance a home battery, insulate your home, purchase a heat pump, or install double glazing.
While renting solar panels is an option, financing them is usually more advantageous. By owning the solar energy system, you also benefit from the 0% VAT rate, which can lead to long-term savings.
Loan for Solar Panels: Sustainability Loan for Solar Panels
Another option for financing solar panels is the Sustainability Loan for Solar Panels, offered by the Stimuleringsfonds Volkshuisvesting (SVn). This loan is available through municipalities and provinces. It is a personal loan with a fixed interest rate and term, provided via a construction deposit to cover the costs. Not all municipalities participate, so it’s important to check with yours. In short, solar panel loans aim to make sustainability accessible to everyone.
If you have any questions or need advice, you can reach us at 0800 – 2468 000. Feel free to schedule an appointment or get a no-obligation quote.
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