Do you have a mortgage with the Commonwealth Bank? If so, you may be eligible for a $500 cashback bonus – if you have certified solar panels installed on your property. This new green initiative by the Commonwealth Bank aims to reward energy efficient homeowners and was initially announced by the CBA Chief Executive Matt Comyn at the Trans-Tasman Business Circle Lunch.
The motivation for this scheme was a strong investor demand for green bonds, so the Commonwealth Bank decided to pass on the benefits of this demand to their customers via a variety of different initiatives. The first of these initiatives is the $500 cashback bonus, but since the bank is now committed to rewarding their customers for being green, it’s likely there will be more innovative solutions in the future.
Daniel Higgins, the CBA’s Executive General Manager of Home Buying, stated that they wanted to encourage their customers to make more energy-efficient choices and the $500 would assist by reducing their installation costs.
Who can access this $500 cashback bonus from the CBA?
To be eligible for the $500 cashback bonus from the Commonwealth Bank your system must have at least a 5kW capacity and the balance of your CBA mortgage must be at least $50,000. The postal address where the system is installed must also match the address on the mortgage and the system can’t have been installed on an apartment or commercial building.
You will also need to provide proof of installation. Once you fulfil all these criteria, you will need to open a separate CBA transaction account where the $500 will be deposited. This bonus cashback offer is only available until the 13th September 2019 and of course, the CBA reserves the right to alter or terminate this offer at any time.
Other green initiatives from the CBA
If you support the green movement, you might be interested to know that the CBA is considering reducing its exposure in the coal mining and coal fired power generation industries with a view to exiting by 2030. However, this date is far into the future and is also subject to Australia having a secure energy platform at that time.
It’s also good to know that MarketForces reported that the CBA’s investments in coal, oil and gas went down this year, whilst their investments in renewable energy increased. The CBA has also committed itself to sourcing all its electricity demands from renewable sources by 2030 (in line with its RE100 commitments) and increasing its generation of on-site solar renewable energy to 2MW by 2025.
Interested in green loans for your solar installation?
According to RateCity there are 12 lenders who offer customers green loans, which are loans that are dependent on specific environmental criteria being met. Not all of these lenders offer green personal loans however, some only offer car loans or mortgages. If you are interested in obtaining a green loan to help you buy and install your solar system, currently the banks to investigate are: Bank First, Community First Credit Union, First Option Bank, Horizon Credit Union, Hunter United, Police bank, Police Credit union, Regional Australia Bank, Southern Cross Credit Union and Summerland Credit Union.
For information on installing solar power on your rooftop, call us on 1300 374 357.