Westpac is the latest financial institution in Australia to partner in the Federal Government’s Green Loans program.
The company will offer an interest free loan worth up to $10,000 to go towards the purchase of energy saving and greenhouse gas reduction items such as residential solar power systems and solar hot water systems.
The green loans will be available from 16 November and include no monthly service fees, establishment fee or prepayment fee and are interest free; but are to be repaid over a maximum of four years.
Peter Hanlon, Westpac’s Group Executive for Retail and Business Banking, says Westpac is a keen supporter of a program that helps Australians take actions toward an environmentally sustainable future.
“Sustainability is an integral part of Westpac’s business strategy, having already reduced our emissions by 40% between 1996 and 2008 with a further reduction of 30% targeted by 2013. We will continue to develop innovative new products and services which meet emerging consumer needs on these issues.”
A free home sustainability assessment is the first step in qualifying for one of the interest-free loans. A qualified home sustainability assessor will prepare a tailored report for applicants outlining recommended actions; among which may be the installation of a solar power system.
Between Solar Credits and other solar rebates and incentives, the Government’s Green Loans program could see participants easily fully paying off a solar power system within the four year period, particularly under the benefits of theNew South Wales Solar Bonus Scheme and the ACT’s generous gross feed in tariff system.
Related:
Further information on the Green Loans program.
