THE Commonwealth Bank will offer its low-interest green loan to 600,000 customers across the country, which would enable their homes to become more energy efficient.
The loan gives eligible customers the opportunity to purchase and install up to $20,000 worth clean energy products by offering a 0.99% per annum secured fixed rate over 10 years with no establishment fee, monthly loan service fee or early repayment fees.
Since announcing the pilot in February, the bank has funded or in the process of funding nearly $4 million worth of clean energy products. It estimates customers have reduced emissions by 60 tonnes in that time.
Among the nearly 1,000 households that took up the scheme, almost nine in 10 installed solar panels, 10% installed solar and batteries, and 4% installed only batteries.
“With over 11 million retail customers and more than 25% of the home loan market with the CBA Group, we have a responsibility to provide solutions for customers that reduce their environmental impact and the Green Loan is an important step towards helping our customers and communities move to cheaper, clean energy technologies,” Commonwealth Bank group executive, Angus Sullivan said.
The bank has also launched a sustainability hub to educate customers about clean energy and help them reduce their environmental footprint.
In May, thank bank announced a partnership with energy retailer Amber that gives customers direct access to the real-time energy price for a monthly subscription fee and all energy is carbon neutral.