When starting your Net Zero journey, whether that be by installing solar, a battery, energy efficient lighting or upgrading to an electric vehicle, it can be quite the investment for the average Australian family. However, moving to a greener lifestyle does not need to come with the price tag as there are other options if paying outright is not viable for you right now. Green loans have been made available for this exact reason.
Banks and other financial institutions offer credit to their customers for the purpose of using the loan for environmentally friendly products to upgrade their home. Products that can be purchased under the green loan vary between lenders, but some of the most common products include:
- Solar panels, hot water systems, pool heater or battery systems
- Electric Vehicles (EVs)
- Double glazing for windows or external awnings
- Water tanks
- Insulation
- Energy-efficient appliances and white goods
- Energy-efficient electric heaters or split system, evaporative cooling, or energy-efficient air conditioners
Here are just a few of the many green loans available on the market right now. For more information, check with the financial provider to determine what rate you are eligible for.
Commonwealth Bank
Customers with an eligible CommBank home loan or investment home loan can use the CommBank Green Loan to buy and install eligible clean energy products such as solar panels, battery packs and solar hot water systems at the property secured by their eligible CommBank home loan or investment home loan with a 0.99% p.a rate.
Plenti
Plenti Green Loans are one of our most popular loans at Horan & Bird. It can be used to fund the purchase and installation of approved clean energy products with no home loan attached. With a green loan you can borrow up to $50,000 or more across a range of loan terms, from 1 to 7 years. They can be used to fund solar and battery installations, energy efficient lighting, hybrid vehicles, energy efficient air conditioners and much more.
Queensland Country Bank
QCB’s Green Reno Loan can provide you with up to $50,000 for environmentally friendly home improvement goals without needing to extend your home loan. If you do not have your home loan with Queensland Country Bank, you are still able to apply for a Green Reno Loan. You can use our Green Reno Loan for any of the following energy efficient purchases:
- Solar panels for your residential property
- Solar or heat pump hot water system
- Insulation
- Battery packs
- At home electric vehicle charging station
- Double glazed windows
Brighte
Brighte’s mission is to make sustainability affordable by financing solar installations with zero upfront costs and 0% interest. Brighte is another popular choice for Horan & Bird customers as they provide loans for clean energy products including solar, batteries, energy efficient products, heating and cooling, as well as home technology.
Bendigo Bank
Bendigo Bank have two different types of green loans; unsecured and secured. The Unsecured Green Loan has a fixed interest rate of 6.99% and allows you to purchase energy efficient products such as solar panels, batteries, solar hot water, grey water systems, double window glazing, white goods, EV charging stations and more. Their Secure Green Loan is suitable for electric vehicles (EV), plug-in hybrid electric vehicles (PHEV), hybrid vehicle and ‘A’ rated vehicle purchases. This loan has a competitive 4.99% fixed interest rate p.a.
This is not an exhaustive list, but it does give you an indication of green loans available.
Remember with any green loan, although you will have to bear the costs, you will make savings in the long term because the running costs will be lower. Additionally, you’ll be stretching the cost and minimising the short-term impact on your wallet and the planet.
If you would like to know more about what you can do for your home, click here
Founder of Horan & Bird. Director of Master Electricians Australia and Board Member of Solar Accreditation Australia. John has played a key entrepreneurial role in the transformation of the Energy Landscape in Queensland.
