Buying a home to call your own? For first home owners in the Northern Territory all or most of the cost of your solar installation can be covered by the new home owner grant.
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This can help offset the cost of a new house by providing you with free energy and offering an income stream straight away through the solar tariff.
What is the first home owner grant?
As of May 7 2019, Territorians building or buying a new home could apply for a grant of $10,000.
For the purpose of the grant a new home is considered one that has never been previously lived in or sold as a place of residence.
More information on the first home owner grant, including guidelines and how to apply, can be found here.
Typically, a good quality solar system in the Northern Territory will cost around $9,000, meaning it can potentially be funded entirely by the government grant. There are of course conditions to be aware of. As the $10,000 grant is based on a percentage of labour and materials smaller solar installations may not be eligible for the full $10,000.To get a full quote, fill in the form below.
Why solar makes sense on a new home
The average payback period on a $9,000 solar system is a little as between three to five years, depending on your home consumption and power usage patterns. This takes into account reduction of tariffs from 24c to 8.3c per kW. Even without grant funding this means your system will be paid off and acting as a revenue stream in a short amount of time.
Additionally, when it becomes time to move or sell your first home, solar panels can help increase the value of your house.
Lendi estimates a 5kW installation can add approximately $29,000 in value to your property, making any upfront investment a no-brainer.
If this isn’t enough to convince you solar also reduces your electricity bills. With a solar PV system you’ll be less reliant on the utility grid and even making money back off it through the solar tariff.
Other Solar Incentives in the Northern Territory
Australia is leading the way in promoting renewable energy. The federal government offers a range of incentives to make solar an even more attractive option for Australian residents. Currently solar is subsidised under the STC, or Small-Scale Technology Certificate, program.
For Territorians this program typically sees a $3954 rebate on a 6.65kw system up to a $5542 rebate on 9.3kW systems.
In addition to this, the Home and Business Battery Scheme is available across the state until the 30th of November or until funding is exhausted. This grant gives eligible applicants $6,000 towards the cost of their battery installation.
So is Solar Worth Considering For Your New Home?
As daunting a process as purchasing your first house can be many new home buyers in the NT find solar is an obvious choice.
It can be easily covered with government funding, often adds significant value to a property, and instantly reduces electricity bills.
If you’d like to talk to one of our Solar Experts fill out the form below to arrange a callback. We’re here to answer any questions you may have.