Suncorp Rewarding Solar System Owners

Existing Suncorp Bank home loan customers with a solar power system or who have one installed by the end of this year could be eligible for $500 from the bank.

Announcing Suncorp’s Solar Home Bonus on Friday,  CEO Clive van Horen said:

“We are committed to provide banking solutions for customers that support sustainability and our Solar Home Bonus is a practical step towards a more sustainable world.”

Bonus Eligibility Criteria

There don’t appear to be any particularly nasty gotchas in the offer:

• System (no minimum size noted) must be installed and application submitted by December 31 this year.
• There must be at least $50,000 outstanding on the Suncorp loan.
• The security for the loan must be a detached house or townhouse.
• A Suncorp Bank transaction account in the same name(s) as the home loan is required.
• Suitable evidence must be provided, such as installation invoice/receipt or a power bill showing a feed in tariff.

Further detail on the Suncorp Bank Solar Home Bonus terms and conditions can be found here.

This is a nice bonus for those customers who already have panels, and another significant incentive on top of the national solar rebate for those considering installing a system soon. In the case of Victorian customers, they get a triple dip – the national subsidy, Victoria’s solar panel rebate and Suncorp Bank’s bonus if eligible.

Using Victoria as an example and based on SolarQuotes’ Australian Solar Price Index August numbers, with Suncorp’s bonus a 6.6kW system would cost around $4,500¹. SQ’s solar calculator indicates this system installed in Melbourne would have an estimated simple payback period of just 3 years, 4 months.

Suncorp Pursuing Renewables

On a related note and in terms of what Suncorp is doing regarding its own use of renewables, in June last year the company committed to source 100% of its electricity from renewable energy across its Australian and New Zealand operations by 2025. This will include installing more solar panels and potentially battery storage on its assets. As to how this is progressing isn’t clear as the company hasn’t said much since.

More broadly regarding emissions, the company says it is set to achieve its 51% emissions reduction target (Scope 1 and 2) for Suncorp operations before 2030.

It’s great to see the sector really getting on board with renewables², not just in terms of the projects they finance and their own uptake of solar energy, but supporting customers in doing the same. It’s good for the planet – and it’s good for business.

Among the other banks helping customers pursue sustainability and cheaper energy bills is CommBank. In July this year, CommBank expanded its low-interest green loans facility after a successful pilot that kicked off in May.

On a related note; pick up some advice on financing a solar power purchase – there are traps for the unwary.