Brighte Loans
Brighte offers Green Loans and Interest-Free Loans for home energy-efficiency upgrades. You may have heard of Brighte if you've previously installed solar panels or other home improvements. Both Brighte Green Loans and Brighte Interest-Free loans are distributed through the Brighte installer network, meaning you can't apply directly through Brighte.
While the Brighte 0% Interest Payment Plan sounds tempting, it may be one of the most expensive ways to finance your energy-efficient home upgrades.
What's The Difference?
The key difference between the Brighte Green Loan and the Brighte 0% Interest Payment Plan lies in how the costs of the loan are distributed between you as the homeowner and the installer. The Brighte Green Loan offers a lower interest rate compared to typical personal loans. To provide you with this lower rate, Brighte charges the installer a merchant fee, which is payable upfront. Installers often add this fee to your quote, effectively passing the cost on to you. Because the Green Loan charges interest, the merchant fee Brighte charges the installer is smaller than the fee associated with their 0% Interest Payment Plan.
The Brighte 0% Interest Payment Plan eliminates interest charges for you as the homeowner, but it comes with a significantly higher merchant fee charged to the installer. While this might seem advantageous—since the installer pays the fee—it’s rarely the case in practice. Most installers will factor this higher merchant fee into your quote, meaning you’ll likely pay much more for your system than you would with cash or an alternative financing option. This can make the 0% Interest Payment Plan less cost-effective than it initially appears.
Additionally, both the Brighte Green Loan and the Brighte 0% Interest Payment Plan charge fees directly to the homeowner, including a weekly account-keeping fee, a loan establishment fee, and late fees for missed repayments. Understanding how these costs are distributed and their impact on your final quote is essential when deciding whether Brighte’s financing options are the right choice for your home upgrades.
An important tip!
Understanding all of the different ways to finance your energy-efficient upgrades isn't easy. Our Green Loans article simplifies all of the different green loan types in a way that's easy to understand. This way, you can weigh up the pros and cons of each before deciding what's right for you.
Plus, if you have any questions - one of our energy advisors is always happy to have a chat at hello@28watt.com.au!
Compare Brighte Green Loan and Brighte 0% Interest Payment Plan
| Brighte 0% Interest Payment Plan | Brighte Green Loan | |
|---|---|---|
| Finance amount | $1,000-$45,000 | $2,000-$55,000 |
| Repayment terms | 6 months - 10 years | 2 - 15 years* |
| Interest rate | 0% | From 8.99% |
| Eligible products | Solar and home improvements | Solar, batteries, solar heating and cooling improvements, double glazing |
| Fees | $2.30 weekly |
$2.70 weekly & establishment fee from $199 |
What can I buy with a Brighte Green Loan?
- Solar panels
- Battery storage
- Inverters
- Solar system and battery combo
- Off-grid system
- Solar heating and cooling improvements
- Double glazing windows and doors
How to Access Brighte Finance
Brighte Green Loans and 0% Interest Payment Plans can only be accessed through the Brighte installer network. This means you cannot apply for these loans directly through Brighte. Instead, your chosen installer must offer Brighte as a financing option when you request a quote for your energy-efficient upgrades. If you're happy with Brighte and want to go ahead with one of their products, the steps are below.
- Choose an Installer: Select a solar or home improvement installer who partners with Brighte.
- Receive a Quote: The installer will include the financing option in your quote and outline the repayment terms.
- Submit Your Application: The installer will guide you through the application process with Brighte, including credit checks and eligibility requirements.
- Begin Payments: Once approved, you’ll start your repayment plan with Brighte, either through their Green Loan or 0% Interest Payment Plan.
28Watt's Takeaway
While Brighte’s Green Loan and 0% Interest Payment Plan are widely marketed as accessible and flexible, they stand out as one of the least competitive options for financing energy-efficient home upgrades. This is largely due to the merchant fee structure, which installers are required to pay upfront to Brighte. These fees—which can sometimes be as high as 35% of the total loan amount—are almost always passed on to homeowners through inflated quotes, significantly increasing the overall cost of your project.
The Brighte 0% Interest Payment Plan, though attractive in theory, is particularly problematic. The much higher merchant fee charged to installers for this product results in even larger markups being passed on to homeowners. While this plan eliminates interest charges, the inflated quotes and additional fees (such as weekly account-keeping fees, a $75 establishment fee, and late payment charges) often make it more expensive than other financing options with transparent costs.
Given the track record of installers passing Brighte’s merchant fees onto homeowners, it’s essential to carefully evaluate whether these products provide true value. Before making a decision, consider exploring other green loan options that offer greater transparency and long-term financial benefits. At 28Watt, we believe that homeowners deserve financing solutions that are transparent, cost-effective, and truly beneficial. We'd recommend checking out more attractive and transparent alternatives available. Products like the CommBank Green Loan or Bank Australia’s ‘Renovate’ Clean Energy Home Loan offer significantly lower interest rates and no merchant fees, ensuring that you get the best value for your investment.