Help the environment and get cash back, thanks to this bank

Some mortgage holders could be rewarded for taking up “green” initiatives like installing solar panels on their home, thanks to this big four bank.

Commonwealth Bank (CBA) have introduced a new rewards scheme for energy efficient homes, including cashback offers for mortgage holders who install solar panels.

CBA Chief Executive Officer Matt Comyn, said CBA is seeing “strong investor demand for green bonds and plans to pass on the benefits of this to customers in the future through a variety of initiatives, including cashback offers to CBA mortgage holders who have solar panels installed.”

The Green Mortgage initiative will provide a $500 cashback to customers who have certified solar panels installed.

Commonwealth Bank’s Executive General Manager Home Buying, Daniel Huggins, also said CBA is “committed to developing more innovative solutions to help those customers who are looking for green, energy efficient opportunities.”

“We are always looking for innovative ways to support our customers, which is why we are launching this new initiative.

“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.

“We want to support more of our customers who wish to install small scale renewables by reducing their installation costs and payback periods,” Mr Huggins said.

According to the RateCity database, there are currently 12 lenders who provide green loans, including car loans, personal loans and home loans.

This allows customers financing for solar panel loans, as well as loans for hybrid or electric cars.

Some lenders, such as Summerland, provide home loans for customers committed to making some environmentally-friendly additions; like water treatment/recycling, rainwater talks, roof insulation or energy efficient glazing and awnings. They’ll also make a charitable donation of 25 per cent of their establishment fee to an environmentally focused organisation.

However, keep in mind any fees or extra costs associated with these loans. You can check whether the loan repayments will suit your financial needs and budget by utilising RateCiy’s loan repayment calculator.

Companies offering green loans

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