08 Mar CommBank Pledges 0.99% Green Loan for Aussies to Embrace Solar Installation
Victoria, Australia – 15 February 2021 – The Commonwealth Bank has rolled out its Green loan to all the Australians to purchase renewable systems in Australia with an offering of a tiny amount loan of 0.99%, commencing from this month on a pilot based, followed by officially launching from March.
Australia’s most leading and biggest financial bank, CommBank, has announced providing a 0.99% Green loan to all the CommBank home loan clients in order to achieve the sustainable renewable energy goal. This tardy yet luring offer coming from a bank that serves clients on retails, premium, business, institutional banking & fund management is another milestone for the Aussies to install solar systems for their properties to adopt renewable energy.
This 0.99% per annum loan is aimed to leverage the customers to purchase renewable goods, such as solar systems up to a maximum of $20,000 within a ten-year period without cutting any corner, including no early setup, monthly charge, or advanced payment, etc. This news of offering a loan to Aussies – who have been mulling over to purchase solar systems – will surely dumbstruck them. And the reason is very straightforward, according to Angus Sullivan, the group executive of CommBank, “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,” he conceded.
The loan will be sanctioned to anyone purchasing any form of small-scale renewable technology, such as solar panels, inverters, battery packs, and electric vehicle charging stations for the property, which is used as a security for the current loan against the loan that will be provided to you. In fact, the customers won’t have to fret at all in terms of paying the loan, which is very trivial in amount. As Mr. Sullivan thinks that your energy bill after installing a solar system will be slumped by $500 per year, that savings can be used to offset the loan’s total repayment over the next few years.
You can put this calculation into perspective; if you own a solar system in Victoria worth $6,000 after deducting all the rebates, you simply have to pay $130 per month up to 4 years or 48 months to recoup the payback, and addition of this Green loan can reduce that payback period even more. Hence, you can own a solar system with a less financial burden.” 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 financing more accessible,” Mr. Sullivan said.
Clean Energy Council’s Chief Executive, Kane Thornton, said: “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.”
Kane Thornton, the Chief Executive of the Clean Energy Council (CEC), assumes that all these installations of the solar system using the Green loan must be executed by the CEC approved solar retailers who had undertaken the Retailer Code of Conduct as well as accredited solar designers. It is to ensure that the solar installation to reach the target for renewable energy must meet the best practice of solar installation. Currently, this loan-giving process by CommBank will be in a pilot juncture but will kick in soon in March to relax the exorbitant cost of the solar system with an aim to reduce the carbon footprint in Australia. If you deem yourself eligible to participate in this loan-taking process, kindly register here