Australia’s largest bank will offer interest-free loans to encourage people to buy renewable energy products like solar panels or batteries.
The CBA is a signatory to the United Nations-convened Net Zero Banking Alliance, a group of global banks working to help reach net zero by 2050.
The “Big Four” CBA has also launched the InstalPay system to facilitate sales with UPowr, a solar and battery company, the first company to be linked to the service.
This InstalPay loan is only available online for a loan term of between one and five years.
Marcos Meneguzzo, executive general manager of consumer finance, said, “We’ve expanded our range of financing options to support rooftop solar, batteries, electrification, and energy efficiency, as well as electric or hybrid vehicles. We want to make these products more accessible to more Australians.
“CommBank customers who use InstalPay to pay for their UPowr products will be eligible for interest-free finance paid off in instalments, helping them potentially realise the benefits of lower energy bills from the first month. InstalPay creates more choice when budgeting for larger purchases.”
Climate Change Push
UPowr CEO Stu Philpot explained the company wanted to make the switch to renewables “effortless.” UPowr is a New Energy Tech-approved seller.“We believe in a brighter, greener future for every Australian. Our partnership with CommBank reinforces our mission, ensuring an accessible and hassle-free green energy journey for all their customers,” Mr. Philpot said.
The Commonwealth Bank reported a net profit after tax of $10.2 billion in the 2023 financial year, 6 percent higher than the previous financial year.
At the company’s annual general meeting in Sydney on Oct. 11, CBA chair Paul O'Malley said expectations were rising for organisations to “manage the risks” and capitalise on the “opportunities presented by climate change.”
