Its announcement came after Westpac became the country’s first “carbon zero” certified bank
Westpac has announced that it would lend up to $10,000 interest-free solar home loan top-ups for five years to its mortgage customers as a way to help the environment.
David McLean, chief executive of Westpac, said customers could use the new “warm-up” loans to install solar panels, heat pumps, ventilation, insulation, or double glazing if they want to improve their home’s energy efficiency.
He pointed out that the recent survey commissioned by the bank inspired them to provide eco-friendly offerings, especially as 88% of the respondents felt businesses need to focus more on reducing their impact on the environment.
“That's why we're committed to offering products and services that can cut our customers' costs and their carbon footprint,” Mclean said, as reported by Stuff.co.nz. “Our new Westpac Warm-Up loan offering is a way to help New Zealanders make their home more energy-efficient, while also improving the quality of our housing stock for future generations.”
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As part of Westpac’s certification from New Zealand carbon measurement company Toitū, McLean confirmed that they are committed to transitioning to an entirely “electric vehicle fleet” by 2025.
“We think climate change is the biggest environmental issue [that] we face and is a [genuine] threat to our economy and wellbeing,” he explained.
“New Zealand needs to accelerate its response to climate change. We know from the expert research we previously commissioned that taking action now will reduce the cost and impact of climate change in the future and ensure a better New Zealand for future generations. We have an important role in the transition to a cleaner economy through our lending.”
