Commonwealth Bank has announced a new CommBank Green Loan, which will make it easier for CommBank home loan customers to purchase and install renewable technology. By partnering with customers, CommBank is helping to contribute to a sustainable future.

The bank’s Group Executive Angus Sullivan said: “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.”

Customers with an eligible CommBank 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 invertors if applicable), battery packs and electric vehicle charging stations at the property used as security for the existing home loan.

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.”

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).

“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. I am extremely excited about this new offering being made available to all eligible customers in May, so I encourage you to register your interest now as we will be announcing additional details closer to launch,” Angus Sullivan said.

The CommBank Green Loan will start with a pilot in February with national rollout scheduled for May 2021. 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