Commonwealth Bank claims to be the first major Australian bank offering this kind of finance program, with CommBank’s Executive General Manager of Consumer Finance, Marcos Meneguzzo, saying: “We’ve expanded our range of financing options to support rooftop solar, batteries, electrification and energy efficiency, as well as electric or hybrid vehicles.”
Solar and battery provider UPowr will be the first merchant to integrate with CommBank’s renewable finance line. UPowr is partnered with Energy Australia and Gentrack, Commbank says, noting that the company is currently involved in the NSW Rebate Swap for Solar program.
Meneguzzo also noted that Commbank will be expanding its offering to “new partners and new CBA customers over the coming year.”
The finance program itself is called InstalPay and, as the name suggests, it varies its repayment instalments between one to five years.
“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,” Meneguzzo said.
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