CBA announces new 0.99% Green Loan to support CommBank home loan clients to buy and install renewable technology

WHAT IS COMMBANK’S GREEN LOAN

The new Commonwealth Bank of Australia’s Green Loan is an incredibly low interest loan of up to $20,000 open to eligible CBA customers. This is CBA’s way of partnering with qualified consumers to creating more energy efficient homes and a way of thanking their loyal customers.

CommBank Green Loan is a 10-year secured fixed rate loan with no establishment fee or monthly loan service fee. Customers with an eligible CommBank home loan or investment home loan can take advantage of the Green Loan to buy and install eligible small-scale renewables such as solar panels, battery packs and electric vehicle charging stations at the security property.

CommBank Green Loan

According to Angus Sullivan, CBA’s Group Executive, CommBank is doing its part to contribute to a sustainable future.

“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.

“The CommBank Green Loan offers an historically low 0.99% p.a. secured fixed rate loan for eligible CommBank customers to fund up to $20,000 in renewables repaid over 10 years with no set up, monthly service or early repayment charges, adding to our already market leading home lending solutions.”

“For most customers, they will see their energy bill drop by over $500 per year [1] if they switch to solar which 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.”

Clean energy council approved retailer

Kane Thornton, Clean Energy Council’s Chief Executive has stated his excitement about this new program. In a statement, he expressed:

“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. By choosing a Clean Energy Council Approved Solar Retailer, you will be working with someone who has signed on to the Solar Retailer Code of Conduct and uses designers and installers who are accredited by the Clean Energy Council.”

Eligible small-scale renewables must be installed by an accredited installer certified and trained to ensure systems meet industry best practice standards and all relevant Australian Standards (as accredited by the Clean Energy Council) like Natural Solar.

Natural Solar even partnered years back with two other private companies (RateSetter and Mulpha) to run  Australia’s largest independent solar battery scheme known as ‘Smart Home Battery Scheme’.

Register Your Interest Today

The CommBank Green Loan is presently in its pilot stage with an anticipated national rollout scheduled for May 2021.

Full product features involving eligibility and how to apply will soon be released. Customers eligible to participate in the pilot will receive an invitation directly from CommBank.

To apply for the loan. Customers are encouraged to register their interest at
commbank.com.au/greenloan.

[1] According to the CSIRO and Nationwide House Energy Rating Scheme