Major unrolls ‘green mortgage’ reward

by Madison Utley29 May 2019

A major has introduced a scheme to reward energy efficient home loan customers, with assurances that it is the “first of many” initiatives in the pipeline to encourage greener choices.

Speaking at the Trans-Tasman Business Circle lunch yesterday, Commonwealth Bank CEO Matt Comyn said the bank was seeing strong investor demand for green bonds, and that it plans to pass the associated benefits along to customers.

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

“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 initiative will provide a $500 cashback to customers who have certified solar panels installed,” he added.

According to the Clean Energy Council of Australia, two million homes had solar panels installed as of 2018 end, and each home with rooftop panels can save $540 a year on their energy bills.

Due to energy demand for AC, the warmer Australian states are seeing the highest rates of installation. Four of the five postcodes nationally with the highest number of panels installed are in Queensland, while the fifth is in WA.

As part of its environmental drive, CBA also expressed a commitment to assisting customers looking for energy efficient solutions in achieving their green goals into the future.

The Green Mortgage initiative will be formally launched in the coming weeks.