Monday, July 15, 2024

Metro boosts clean-tech uptake with new lending program

Metro says it’s making it easier and more affordable for small-to-medium-sized businesses to invest in environmentally friendly assets with the launch of a new green loan program, MetroEco.

Working with the Clean Energy Finance Corporation (CEFC), MetroEco gives borrowers an ‘eco’ option when choosing financing for ‘green’ assets such as electric vehicles, solar panels and batteries. This will see the CEFC and Metro provide an interest discount to support consumer car loans to encourage the adoption of green technologies. Additionally, the eco option will include novated leasing options for EVs.

The program has been made possible through a $50 million investment by the CEFC. The initiative will use CEFC finance to offer customers a 0.5% discount on Metro’s standard finance rate to purchase eligible EVs, energy efficient equipment and battery technology. Metro will match this discount with an additional 0.5% discount – totalling a 1% discount on each eligible commercial loan.

The discounts apply to new battery EVs and plug-in hybrid EVs on a loan amount of up to $90,000. Under the program, Metro is also financing three new assets for the first time: batteries, solar and electric vehicle charging stations. Businesses can bundle any of these in a single loan to get the best interest rate discount.

Metro CEO Phillip Crossman says Metro is committed to supporting sustainability initiatives and creating a better future for the planet.

“We are proud to be working with the CEFC again to provide financing for assets to help reduce carbon emissions,” he says.

“Our MetroEco initiative empowers Australian small-to-medium businesses and consumers to embrace green technologies and ultimately supports Australia’s transition to a net-zero economy. We believe our program is the most competitive in the green lending space.”

CEFC CEO Ian Learmonth says CEFC’s work with Metro underscores its commitment to accelerating the adoption of clean energy assets in Australia.

“CEFC finance is incentivising businesses and individuals to choose technologies that support Australia’s transition to a low-carbon economy,” he says. “We are keen to see the concept adopted broadly across the business community.”

Metro has launched a MetroEco information microsite, called the MetroEco Hub to inform accredited brokers and borrowers about the program, green technologies, emissions profiles and energy performance data to encourage adoption of green assets.

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