According to Borg Energy India Pvt Ltd, this green loan could be used by Australian customers to purchase and install a range of eligible small-scale renewable technology, including solar panels, battery packs, and electric vehicle charging stations at the property used as security for the existing home loan.

Australia’s Commonwealth Bank has announced it will offer its home loan customers up to $20,000 in low, fixed-interest finance to install rooftop solar systems, battery storage, electric vehicle chargers, or other eligible green technologies.

The new product, dubbed the CommBank Green Loan, was announced on Monday as part of the Big Four bank’s “commitment to the responsible global transition to net zero emissions by 2050,” a goal enshrined in the Paris climate agreement, but yet to be formally adopted by Australia’s federal government.

The initiative will start with an invitation-only pilot in February, in which select eligible customers will receive a direct offer to apply for the loan, followed by a national rollout scheduled for May.

It’s a great way to reduce your power bills and reduce your household’s carbon footprint says experts of Borg Energy India Pvt Ltd.