CBA announces new low interest green loan<< Back
CBA Green Loans
Exciting news!! Commonwealth Bank have recently announced the introduction of their new Green Loan. This new loan allows current CBA home loan customers looking at investing in Green Energy to borrow a maximum of $20,000 at a fixed rate of 0.99%. More info here.
What does this mean for people looking to install a new Solar or Solar & Battery system?
The new CBA Green Loan, which will be launched in March 2021, allows borrowers to access up to $20,000 which can be used for eligible small-scale renewable technology such as solar panels, inverters & battery packs.
Basically, this is welcomed news for anyone in the market looking to save on their energy bills.
Below are a couple of examples of how you could get the best out of this new offering;
The average system size that we install on residential properties has grown to 10kW. Customers are installing larger systems as system prices have reduced and most want to make sure they are ready for a battery should they ever decide the time is right to install.
10.73kW of Canadian panels on a Fronius Primo inverter will cost $7,690 for a standard install. Using pretty conservative usage estimates (we have assumed just 20kWhs per day of consumption in our workings) this system will save you at least $2,800 per year.
Solar and Battery
For people that want to be fully self-sufficient with their energy consumption and value the functionality that a battery provides, coupling a battery with your solar system makes perfect sense with this loan.
A 10.73kW solar system using Canadian Solar panels and a Fronius Inverter coupled with a 13kWh Tesla Powerwall retails for around $19,500 (installed all at once as a hybrid system). Again, using pretty conservative usage estimates (we have assumed just 20kWhs per day usage in our workings) a system of this size has the potential to save the average household in excess of $3500 per year. Households with higher usage will see better returns.
With either of the above examples customers would end up cash flow positive from the day of installation.
How do I apply?
The announcement says the programme is set to start in March 2021. CBA has asked customers to register their interest here.<< Back