Plenti, AGL offer 'interest-free' solar and home battery loans

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on January 27, 2022 Fact Checked
Plenti, AGL offer 'interest-free' solar and home battery loans

On Thursday lender Plenti announced a new 'interest free' payment plan for installing renewable energy products through AGL.

The new interest-free finance product features on-the-spot approvals for eligible borrowers up to $30,000 over five years.

Payments can be made weekly, fortnightly or monthly.

The 'interest-free' product for solar and home battery systems will be available to AGL customers from 1 February.

While there is technically no interest rate, there is a $10 fee payable to Plenti weekly while the loan account remains in-arrears - there is also a $25 direct debit dishonour fee.

Customers can also sign onto AGL's Virtual Power Plant or 'VPP', and may be eligible for a sign-on bonus of $100, and ongoing bill credits of $45 quarterly for allowing the company access to their household's stored power in peak times.

However, customers would need to weigh up the cost benefits as to whether they keep the power for themselves versus selling it back to the grid, and also compare AGL electricity plans with those of other retailers.

Customers can compare plans on the Federal Government's 'Energy Made Easy' website.


Australian households have some of the highest uptake of solar power systems and green energy installations in the world, surpassing three million rooftop solar units in 2021.

Plenti CEO Daniel Foggo said the partnership with AGL will make solar and home battery systems more accessible.

"Joining forces with a major energy retailer such as AGL means we can get more solar and home battery systems into households and help Australia transition more rapidly to a net zero future," Mr Foggo said.

AGL Chief Customer Officer Christine Corbett said the interest free finance offer would simplify customers' paths to purchase as they explore renewable energy options.

"We understand that the initial cost of renewable products for the home can be a significant investment, but this partnership provides customers with more options as in the long run many consumers who invest in renewable products return savings through reduced household energy bills," Ms Corbett said.

"By enabling customers to purchase these renewable products, they’re then able to take part in our virtual power plant, a network of connected solar batteries where energy is stored to support the electricity system."


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Image by Iva Rajovic via Unsplash.

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Jacob Cocciolone joined the Savings team in 2021 as a Finance Journalist. Driven by a passion for keeping Australians up to date with the latest financial news and trends, his areas of interest include financial technology, investing, property and motoring.

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