CommBank is helping customers budget for larger expenses, becoming the first major bank to offer interest-free finance with select merchants for purchases up to $30,000, so they can split the cost into instalments over one to five years. Solar and battery provider UPowr will be the first merchant to offer CommBank’s InstalPay product as a way to pay for its systems, which can help customers save on energy bills.
UPowr is a New Energy Tech Approved Seller that makes it easy for customers to choose and install battery and solar solutions via a digital platform. UPowr is partnered with Energy Australia and Gentrack, and is currently delivering a major project for the NSW Treasury’s Office of Energy & Climate Change, being the Rebate Swap for Solar program.
CommBank Executive General Manager Consumer Finance Marcos Meneguzzo says InstalPay allows CommBank customers to make more choices about purchases that are important to them, by spreading these costs over a longer period of time.
“Some household purchases can be large and hard to budget for, especially where they require a big hit upfront. Many CommBank customers want to invest in solar, for example, but the upfront cost is a barrier,” Mr Meneguzzo said.
“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. InstalPay creates more choice when budgeting for larger purchases.”
As a signatory of the Net Zero Banking Alliance, CommBank is committed to supporting Australia’s transition to net zero emissions by 20501. CommBank has introduced a range of products to help its customers make their homes more energy efficient, which can also reduce the impact of the rising cost of living.
Mr Meneguzzo said: “We’ve expanded our range of financing options to support rooftop solar, batteries, electrification and energy efficiency, as well as electric or hybrid vehicles. We want to make these products more accessible to more Australians.
“InstalPay gives more of our customers the choice to install solar and battery products and realise the savings right away. We’ll be looking to expand our InstalPay offering to new partners and new CBA customers over the coming year.”
UPowr CEO Stu Philpot said: “With this new product, InstalPay, UPowr is committed to offering homeowners a simpler way to manage their energy costs while making the switch to renewables effortless. We believe in a brighter, greener future for every Australian. Our partnership with CommBank reinforces our mission, ensuring an accessible and hassle-free green energy journey for all their customers.”
Green Building Council of Australia CEO Davina Rooney said: “We congratulate CommBank on their new offer of interest-free finance for solar and battery systems. This will make renewable energy available to more Australians who are looking for ways to reduce their energy bills and live in more efficient homes.”
UPowr is at the forefront of the solar energy revolution, providing user-friendly software that manages solar panel and battery system design, sales, and installation for residential and business customers. UPowr’s mission is to make sustainable energy accessible to all, enabling them to harness the power of solar energy efficiently and effortlessly.