CommBank Green Loan
Recently the Commonwealth Bank announced a new CommBank Green Loan as part of their ongoing contribution to a sustainable future.
The CommBank Green Loan is a 10-year secured fixed rate loan with no establishment fee or monthly loan service fee.
The loan can be used to buy and install eligable small-scale renewables such as a solar panel installations, battery installations, electric vehicle charging stations as well as heat pump hot water systems.
Green Loan Break Down
- For eligible CommBank home loan or investment home loan customers with an existing eligible home loan balance of $150,000 or more (not including your available redraw balance)
- Secured fixed rate of 0.99% p.a.
- Fund up to $20,000 in renewables
- Minimum loan size $5,000
- Term of 10 years
- No set up, monthly service or early repayment charges
Check out the CommBank Greenloan Factsheet for more information.
Who is Eligible?
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, electric vehicle charging stations as well as heat pump hot water systems at the property used as security for the existing home loan.
What is an Eligible Small-Scale Renewable?
Eligible small-scale renewables such as solar panels (and invertors if applicable), battery packs and electric vehicle charging stations 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).
You can use a CommBank Green Loan to buy and install one or more of the eligible clean energy products listed below.
- Solar panels with a system size equal to or greater than 6 kilowatts (kW) (and inverter if applicable). Check out the systems Whitney Electrical and Solar install.
- Battery packs with a system size equal to or greater than 5 kilowatt-hours (kWh).
- Solar hot water system with a minimum system size equal to or greater than 250 litres (L).
- Heat pump hot water system with a system size equal to or greater than 250L. Check out the systems Whitney Electrical and Solar install.
- Electric vehicle charging station(s). Check out the systems Whitney Electrical and Solar install.
Keep in mind, solar panels (and inverters) and battery packs must be installed by a retailer and/or installer approved by the Clean Energy Council. This helps ensure the chosen systems meet all relevant Australian standards.