Bendigo Bank and Adelaide Bank have seen a significant increase in green loan lending in just one year. The banks have seen a 600 per cent increase, the highest number of green loans ever settled by the banks.
The Clean Energy Finance Corporation (CEFC)’s latest commitment
Recently, Commonwealth Bank announced it’s continuing its partnership with the CEFC to provide ongoing discounts to homeowners via the Green Home Offer. The CEFC has committed a further $125 million to support the offer.
This supports a discount of up to $0.18 per cent p.a. on standard variable rates over a five-year period. The Commonwealth Bank provides the same discount, which applies to everything to the home loan. The Green Home Offer is one of the most competitive home loan rates available on the market.
The reduced rate is available to customers who build or renovate to meet the new Green Star Home Standard requirements by the Green Building Council of Australia.
Michael Baumann, Commonwealth Bank’s Executive General manager Home Buying said, “While we expect all residential homes to be built to these standards over the coming years as we move towards a net zero future, our Green Home Offer encourages customers to take steps now to protect the environment and their home. We know homes that are well built and energy efficient are good for the environment, whilst also significantly reducing living costs and improving the wellbeing of homeowners. The Green Home Offer makes those decisions more affordable and compelling.”
This may be one of the reasons more homeowners are looking to purchase renewable energy and sustainable products.
Jenny McAllister, the assistant minister for Climate Change and Energy said, “Australia’s residential houses and apartments are responsible for 23% of overall electricity use and 11% of total carbon emissions nationally.”
Currently, the Albanese government is working on a National Energy Performance Strategy that will help improve household energy performance that will help them look into the demand side of electricity use.
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The rise of rooftop solar in AU
A recent report from SunWiz states over 20,000 megawatts of small-scale solar capacity are installed on household and business roofs in Australia. Over 3.4 million Australian homeowners have a rooftop solar system, which new installations at around 300,000 a year.
Thus, the industry group claims that Australia is leading the world in the uptake of PV cells. This only shows Australians’ love for rooftop solar panels.
Warwick Johnston, the managing director of SunWiz said, “Solar energy is already Australia’s largest fuel source for electrical power in Australia,” he said.
Johnston continued, “When the Liddell coal-fired power station closes April 2023, rooftop solar alone will generate more power than the remaining coal-fired power stations operating across the country, making rooftop solar the largest power generator.”
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