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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In the market for a personal loan? The table below features unsecured personal loans with some of the lowest interest rates on the market.

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Filters
LenderCar LoanInterest Rate Comparison Rate* Monthly Repayment Interest Type Secured Type Early Exit Fee Ongoing Fee Upfront Fee Total Repayment Early Repayment Instant Approval Online Application TagsFeaturesLinkComparePromoted ProductDisclosure
6.56% p.a.
6.56% p.a.
$392
Fixed
Unsecured
–
$594
$0
$23,513
  • Whether its for car, holiday, home renovations or refinancing your debt, kickstart your goals with our fixed -rate loans, with no surprise fees
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  • Repay flexibly, with no monthly fees or nasty penalties
 Disclosure
6.57% p.a.
7.19% p.a.
$392
Fixed
Unsecured
$150
$0
$250
$23,519
  • No ongoing or early exit fees
  • 1-7 years loan terms. Pay monthly, fortnightly, or weekly
  • Get quick decision. Funds in 24 hrs if approved
 Disclosure
16.95% p.a.
32.99% p.a.
$497
Fixed
Secured
–
$26
$125
$29,791
Interest rates subject to change based on your personal circumstances
  • Interest rates start at 16.95% and could be as high as 29.95% based on your personal circumstances and loan term
  • Australian residents and citizens only
  • Personal Loans from $3,000 to $25,000, with loan terms ranging from 25 - 36 months
  • Terms, Conditions and Lending Criteria apply
 Disclosure
6.49% p.a.
7.61% p.a.
$391
Fixed
Secured
$150
$12
$250
$23,474
6.49% p.a.
7.69% p.a.
$391
Fixed
Secured
$100
$12
$250
$23,474
8.50% p.a.
9.53% p.a.
$410
Fixed
Unsecured
$0
$15
$0
$24,620
Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here.

The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates are for unsecured personal loans only for the relevant amounts and terms. The comparison rates for car loans and secured personal loans are for secured loans unless indicated otherwise. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products.

Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of . View disclaimer.

Important Information and Comparison Rate Warning

Image by Iva Rajovic via Unsplash.



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