Green financier and pioneer of Australia’s “buy now pay later” rooftop solar market, Brighte, has announced an expansion into finance for electric vehicles, starting in the ACT with the territory’s promised zero interest loan product.
Sydney-based Brighte announced the new EV finance product off the back of an announcement on Thursday that it had been selected by the ACT government to administer the first phase of its $150 million Sustainable Household Scheme.
As The Driven sister site One Step Off The Grid reported, Brighte was selected through a competitive tender to manage the provision and administration of finance through the scheme, to deliver program administration services, and to manage its suppliers and installers.
The policy, announced as part of the ACT’s 2020-21 Budget in January, will provide zero-interest loans of between $2,000 and $15,000 for energy efficiency home upgrades, ranging from solar and battery storage, to electric vehicles and chargers, and efficient electric appliances.
Brighte will administer the ACT scheme separately to its regular business and according to standard credit criteria, as well as to the eligibility criteria and guidelines set out by the government policy.
It’s core business is a range of financial products designed to help households buy rooftop PV and undertake energy efficiency measures and other home improvements, with the zero or low-interest loans designed to enable households to use savings on electricity costs to pay off the loan.
But the company also announced on Thursday that it was moving into the EV financing space for the first time, using its participation in the ACT scheme as a foundation to offer loans, first in the Capital, and then nationally over the coming year.
“For the ACT, Brighte holds a credit license and will be using this to deliver a zero interest regulated loan product for EV,” a company spokesperson told The Driven on Thursday.
“We’re still developing our financing models for our national offering and will have more to say as we approach our launch.
“Our customers can be sure that we’ll offer simple, transparent and innovative products that help them overcome the cost barriers to experiencing the benefits of clean energy products, just as we have done for solar and battery.”
Low and zero interest finance for buying EVs should be very welcome in Australia, where the price of shifting to zero emissions transport remains out of reach of many, due to the prolonged lack of low-priced models on a market that has been slow to take off.
Australia’s cheapest EV is currently the MG ZS compact SUV, which recently upped its price by $1,000 to $41,990 before on road costs.
Sophie is editor of One Step Off The Grid and deputy editor of its sister site, Renew Economy. Sophie has been writing about clean energy for more than a decade.