Commonwealth Bank of Australia announces a very low-interest green loan that can be used to purchase a solar power system. With an interest rate of just 0.99%, one can buy and install renewable tech in their home. The loan is available for up to 10 years at a fixed rate and is designed to help people purchase and install eligible small-scale renewable technology such as solar panels and invertors, battery packs, and electric vehicle charging stations.
The CommBank Green Loan will launch with a pilot program this month, with a national rollout scheduled to kick off in May 2021. Customers eligible to participate in the pilot will also receive an invitation directly from CommBank to apply for the loan.
To be eligible for the new Green Loan, one must:
• Be an existing CommBank customer.
• Have an eligible CommBank home loan or investment home loan.
• Purchase renewable technology for the property that is used as security for the existing home loan.
• Register your interest at commbank.au/greenloan.
“The CommBank Green Loan offers a 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 setup, monthly service, or early repayment charges, adding to our already market-leading home lending solutions,” said Group Executive Angus Sullivan.
“For most customers, they will see their energy bill drop by over $500 per year, according to the CSIRO and Nationwide House Energy Rating Scheme, 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.”
For example, an average cost of a 6.6kW solar system is around $6,000 at the moment. It could provide a financial benefit of around $1,800 in its first year and a simple payback of around 3 years, 4 months.
Being the nation’s largest bank, CommBank is committed to Australia’s renewable energy sector and supports its high-quality clean energy projects. Commonwealth Bank is one of three banks providing construction financing for UPC\AC Renewables Australia’s New England Solar Farm, which is under construction near Uralla in northern central New South Wales.
Australia’s New England Solar Farm is a 720MWac facility with 400MWh of battery storage, the first stage of New England Solar Farm’s development will be 400MWac. Grid connection and initial energy exports are expected by July 2022, with the remainder of the project to be completed over the following two years.
To reduce its own carbon emissions, CommBank was sourcing 100 per cent of its electricity from renewable energy sources for its Australian operations, 10 years ahead of an original RE100 commitment of 2030. Commbank had also increased its onsite renewable energy generation capacity to 1,510kW of solar capacity at 80 sites across the country, exceeding a 2020 target of 1,250kW.
CommBank was the first of Australia’s big four banks to formally announce a Paris-aligned 2030 date for exiting exposure to thermal coal and requires any new fossil fuel projects seeking finance to demonstrate compliance with the goals of the Paris Agreement.
CBA happily partners in all the developments that help in Australia’s transition to reduce carbon emissions. CBA is committed to developing more innovative solutions to help those customers who are looking for green, energy-efficient opportunities.

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