Green loans benefiting the community
The world is changing rapidly and being a customer-owned financial institution means we must also adapt to meet members’ needs.
Community First has always recognised that it only exists for the benefit of members and has a proud history of providing finance to help consumers meet their financial needs, whatever those needs may be.
In 2006, the Central Coast of NSW was facing a drought and residents were being asked to consider rainwater tanks to store water. However, rain-water tanks need concrete pads and plumbers to install them, which was expensive. Therefore, Community First adapted its personal loan product to be a low interest personal loan specifically designed to help home owners help themselves and the environment.
The product evolved to contribute to the Federal Governments Home Insulation program in 2009 and more customers Australia wide. In 2023, the low rate Green loan is now available for any environmentally friendly purpose and competes with no-interest and Buy-Now-Pay-Later providers.
Many of our current members and consumers across Australia have been hard hit by the rising cost of fuel and electricity. Green loans have become increasingly popular in recent years, particularly for financing renewable energy such as solar power and electric vehicles (EV). These green loans are designed to make it easier for individuals and communities to adopt sustainable technologies, and can have a number of benefits.
Some energy efficient improvements include solar (PV) and battery hybrid systems, LED lighting, home insulation, rainwater tanks, energy efficient white goods and many more. These solutions can rapidly reduce household energy and water consumption, leaving more room in household budget for other important costs. Members who use solar power can recoup their initial upfront cost generally within 4-8 years 1 .
The use of Community First’s Green Loans is also benefitting the financial wellbeing of our members. Research shows that Australians face some of the most expensive energy bills in the world – with as many as 85% of households experiencing “bill shock” during 2020 2 . Yet the same study reveals that making our homes more eco-efficient can mean annual savings of around $450 in heating and cooling bills.
The adoption of solar power and electric vehicles can also have wider economic benefits for the community. The installation of solar power systems and electric vehicle charging stations can create new jobs in industries such as installation, maintenance, and support. On a global scale, clean energy is expected to generate 10.3 million new jobs by 2030 3 .
A major benefit of electric vehicles is that they often result in long-term savings due to reduced energy and fuel costs. While these technologies can have higher upfront costs compared to traditional options, the running costs of an electric vehicle can reduce fuel expenses of up to 70% and maintenance costs of around 40% 4 .
Electric vehicles can significantly reduce greenhouse gas emissions compared to internal combustion engine vehicles. In Australia, 85% of greenhouse gas emissions come from road-bound vehicles, half of which comes from cars 5 . The average car (using an internal combustion engine) roughly produces 185g CO2/km, whereas an EV only produces 98g CO2/km which is 47% less emissions.
By financing sustainable technologies through our Green Loans, individuals and communities can reduce their carbon footprint, access cost savings, and support economic development. These loans are an important tool for making sustainable practices accessible for more people.
To date, Community First has funded the cost of thousands of environmentally improvements for the home, with solar panels being a key focus. The resulting impact in terms of CO2 emissions saved from solar panel installations alone could be the equivalent to planting thousands of trees and preventing a significant amount of coal and petrol being burned each year.
Sources
1 https://www.yourhome.gov.au/energy/photovoltaic-systems
2 https://www.climatecouncil.org.au/wp-content uploads/2022/04/cc_Final_Tents-Castles_ Low_Res_Single2_pdf
3 https://www.weforum.org/agenda/2022/03/the-clean-energy-employment-shift-by-2030/
4 https://www.transport.nsw.gov.au/projects/electric-vehicles/why-buy-an-electric-vehicle
5 https://www.mynrma.com.au/cars-and-driving/electric-vehicles/buying/should-i-buy-an-ev
Credit eligibility criteria, terms and conditions, fees and charges apply.
In 2006, the Central Coast of NSW was facing a drought and residents were being asked to consider rainwater tanks to store water. However, rain-water tanks need concrete pads and plumbers to install them, which was expensive. Therefore, Community First adapted its personal loan product to be a low interest personal loan specifically designed to help home owners help themselves and the environment.
The product evolved to contribute to the Federal Governments Home Insulation program in 2009 and more customers Australia wide. In 2023, the low rate Green loan is now available for any environmentally friendly purpose and competes with no-interest and Buy-Now-Pay-Later providers.
Many of our current members and consumers across Australia have been hard hit by the rising cost of fuel and electricity. Green loans have become increasingly popular in recent years, particularly for financing renewable energy such as solar power and electric vehicles (EV). These green loans are designed to make it easier for individuals and communities to adopt sustainable technologies, and can have a number of benefits.
Some energy efficient improvements include solar (PV) and battery hybrid systems, LED lighting, home insulation, rainwater tanks, energy efficient white goods and many more. These solutions can rapidly reduce household energy and water consumption, leaving more room in household budget for other important costs. Members who use solar power can recoup their initial upfront cost generally within 4-8 years 1 .
The use of Community First’s Green Loans is also benefitting the financial wellbeing of our members. Research shows that Australians face some of the most expensive energy bills in the world – with as many as 85% of households experiencing “bill shock” during 2020 2 . Yet the same study reveals that making our homes more eco-efficient can mean annual savings of around $450 in heating and cooling bills.
The adoption of solar power and electric vehicles can also have wider economic benefits for the community. The installation of solar power systems and electric vehicle charging stations can create new jobs in industries such as installation, maintenance, and support. On a global scale, clean energy is expected to generate 10.3 million new jobs by 2030 3 .
A major benefit of electric vehicles is that they often result in long-term savings due to reduced energy and fuel costs. While these technologies can have higher upfront costs compared to traditional options, the running costs of an electric vehicle can reduce fuel expenses of up to 70% and maintenance costs of around 40% 4 .
Electric vehicles can significantly reduce greenhouse gas emissions compared to internal combustion engine vehicles. In Australia, 85% of greenhouse gas emissions come from road-bound vehicles, half of which comes from cars 5 . The average car (using an internal combustion engine) roughly produces 185g CO2/km, whereas an EV only produces 98g CO2/km which is 47% less emissions.
By financing sustainable technologies through our Green Loans, individuals and communities can reduce their carbon footprint, access cost savings, and support economic development. These loans are an important tool for making sustainable practices accessible for more people.
To date, Community First has funded the cost of thousands of environmentally improvements for the home, with solar panels being a key focus. The resulting impact in terms of CO2 emissions saved from solar panel installations alone could be the equivalent to planting thousands of trees and preventing a significant amount of coal and petrol being burned each year.
Sources
1 https://www.yourhome.gov.au/energy/photovoltaic-systems
2 https://www.climatecouncil.org.au/wp-content uploads/2022/04/cc_Final_Tents-Castles_ Low_Res_Single2_pdf
3 https://www.weforum.org/agenda/2022/03/the-clean-energy-employment-shift-by-2030/
4 https://www.transport.nsw.gov.au/projects/electric-vehicles/why-buy-an-electric-vehicle
5 https://www.mynrma.com.au/cars-and-driving/electric-vehicles/buying/should-i-buy-an-ev
Credit eligibility criteria, terms and conditions, fees and charges apply.
This information is general advice only and does not take into account your objectives, financial situation or needs (your "personal circumstances"). Before deciding whether to buy any product you should consider your personal circumstances. You should read and consider the Terms and Conditions when deciding to use any product (terms and conditions, fees and charges may apply). Our product Conditions of Use are available at www.communityfirst.com.au.
Community First Credit Union Limited | ABN 80 087 649 938 | Operating as Community First Bank | AFSL and Australian credit licence 231204
Community First Credit Union LimitedABN 80 087 649 938 | Operating as Community First Bank | AFSL and Australian credit licence 231204| BSB 512-170