As some of the regular readers of these posts will remember, we recently provided an update on the growing number of Australians who have been adding solar power to their homes in order to reduce the impact of spiralling electricity costs.
This growing interest in ‘greening your home’ has been given an additional boost recently, from a source that may surprise many people.
It was announced earlier this week that, after running a pilot program earlier this year to determine the level of interest, the Commonwealth Bank will be offering ultra-low interest ‘green loans’ to fund upgrades of home energy efficiency, extending the program to 600,000 home loan customers.
According to the latest updates, the CBA will allow home loan customers to purchase and install up to $20,000 worth of clean energy products with a loan of up to 10 years at a secured fixed rate of 0.99 per cent. This loan will not attract any establishment or monthly loan service fees, and customers will not be penalised for early repayment. Importantly, the funding is designed to cover a range of clean energy products from solar panels to batteries, or both.
The fact that the Commonwealth Bank’s total commitment to this concept would amount to as much as $12 billion if all of their home loan customers took up the offer is an indication of how widely the move to solar power has been gaining acceptance. Particularly as this announcement comes in the same week that a new Green Star Home Standard certification system was announced for all new residential home construction around Australia.
Despite these timely incentives, keep in mind that if one of the reasons you are considering greening your home is to make it more appealing to homebuyers, this is not a recommended strategy. Solar power is a long-term investment, so if you are considering selling, it would be a good idea to talk to one of the team at Ian Reid Buyer and Vendor Advocates first. You can call us for objective and obligation-free advice on 9430 0000 at any time.
Of course, you can also access lots of helpful tips on selling your property in our free booklet, “Fatal Real Estate Traps Exposed”, so why not download a copy while you’re here.