Under a pilot program that will launch this month, Commbank’s Green Loan is offering customers a 10-year loan at a fixed rate of 0.99 per cent per annum, up to a maximum $20,000.
“As part of our commitment to the responsible global transition to net zero emissions by 2050, we’re supporting our customers access renewable energy through sustainable housing solutions,” said CommBank’s group executive, Angus Sullivan.
Commbank cited studies from the CSIRO and NationWide House Energy Rating Schemes, which stated that swapping to renewable electricity would see the average Aussie’s power bill drop by over $500 per year.
“If they switch to solar, [it] will offset total repayments of the loan in the long term. As Australia’s largest lender, we want to help as many customers as possible make their homes more sustainable,” Mr Sullivan said.
CBA customers with an eligible owner-occupier home loan or investment home loan can use the Green Loan to purchase and install eligible small-scale renewable technology such as solar panels (and inverters, if applicable), battery packs and electric vehicle charging stations at the property used to secure their existing home loan.
“Over 2.7 million Australians have installed solar panels on their homes, and it’s a great way to reduce your power bills and reduce your household’s carbon footprint,” Clean Energy Council’s chief executive, Kane Thornton, said.
Mr Sullivan said the bank has a role to play in encouraging Australian households to lower their carbon emissions.
“We have a responsibility to meet the current needs of our customers and the community while operating sustainable for future generations, and our new CommBank Green Loan will make financing more accessible.”
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