Commonwealth Bank Announces Green Loan

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The Commonwealth Bank supports the Aussies in making their homes more sustainable by issuing a cheap green loan.

The Big Four bank announced Monday that it was launching a green loan to existing home loan customers to buy renewable technology for their homes.

The Green Loan allows eligible CBA customers to borrow up to $ 20,000 at a fixed rate of 0.99%.

“As part of our commitment to the responsible global transition to net zero emissions by 2050, we are helping our customers access renewable energy through sustainable housing solutions,” said Angus Sullivan, Group Executive, CBA.

“For most customers, their energy bills will drop over $ 500 a year when they switch to solar power, which offsets the total repayment of the loan in the long run.

“As Australia’s largest lender, we want to help as many customers as possible make their homes more sustainable.”

CBA customers with an eligible home loan or an investment loan can use the Green Loan to purchase and install eligible renewable technologies such as solar modules (and possibly inverters), battery packs and charging stations for electric vehicles in the property they are using to secure their existing home loan.

The loan is repayable over 10 years with no setup, monthly service or early repayment fees.

See also: Bank Australia is working with CEFC to launch the first ever “green” home loan with the lowest interest rates

Eligible small renewable energy sources must be installed by a Clean Energy Council accredited installer.

The green loan will start with a pilot project in February, the national rollout is planned for May. Customers who are eligible to participate in the pilot project will receive an invitation from CBA to apply for the loan, but they can also register your interest online.

Mr Sullivan said the bank had a role to play in encouraging households to cut their emissions.

“We have a responsibility to meet the current needs of our customers and the community while operating sustainably for future generations, and our new CommBank Green Loan will make funding more accessible.”

According to the Clean Energy Council, over 2.7 million Australians have solar panels installed in their homes.

See also: Rising energy costs are a major problem for 96% of Australian households

“It’s a great way to cut your utility bills and reduce your household’s carbon footprint,” said Kane Thornton, chief executive of the Clean Energy Council.

“When you choose a Clean Energy Council-approved solar retailer, you are working with someone who has signed up to the Solar Retailer’s Code of Conduct and uses Clean Energy Council-accredited designers and installers.”


Photo from Science in HD on Unsplash

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