Yahoo Finance CommBank will give $500 CASH to home-owners with solar panels installed
Environmentally conscious Aussies that have a home loan with the Commonwealth Bank will be rewarded with $500 through an initiative the bank is calling a ‘Green Mortgage’.
Announced by CBA chief executive Matt Comyn at the Trans-Tasman Business Circle earlier this week, the major bank will provide cashback offers to CBA mortgage holders who have solar panels installed.
CBA wants to develop more solutions for customers want more green and energy-efficient options, said Daniel Huggins, CBA executive general manager of home buying.
“The Green Mortgage initiative will provide a $500 cashback to customers who have certified solar panels installed,” Huggins said.
“We understand many of our home loan customers could reduce their energy volume and usage, and pay less or become net positive for energy by investing in energy efficient devices.”
The Green Mortgage is “just the first of many actions” the bank will do to encourage home owners to make more environmentally friendly choices, the CBA statement said.
A CBA spokesperson told Yahoo Finance that the bank had a number of initiatives in the pipeline aimed at incentivising home owners to make greener choices that would be formally announced in the next 12 to 18 months.
“We want to support more of our customers who wish to install small scale renewables by reducing their installation costs and payback periods,” added Huggins.
The Green Mortgage will be “formally launched in the coming weeks,” according to the CBA statement.
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Green home loans
The concept of a ‘green home loan’ is not new.
A number of smaller lenders have ‘green home loans’ designed to encourage borrowers to decrease their environmental footprint by offering lower interest rates if their house meets criteria such as having solar panels, water storage tanks or an alternative power supply.
Regional Australia Bank, Bendigo Bank, Hunter United have green or sustainable home loans on offer, according to Finder.
But customers should know that the discounted rates on a green home loan doesn’t necessarily mean it’s cheaper than other mortgages – and the criteria can be pretty strict.
Finder confirmed that the CBA’s ‘Green Mortgage Initiative’ would not be considered a green home loan as it is just a one-off cashback offer.
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