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NAB helping homeowners make the switch to solar


Alex Ritchie

Alex Ritchie

( 3 min read )

NAB have launched a new solar initiative, alongside Origin Energy, to help Australians make a “positive impact on their finances as well as the environment.”

This positive impact involves NAB’s credit card rewards program including an option for homeowners to put their points towards the purchase and installation of residential solar panels.

The new solar initiative can be redeemed for 48,080 NAB Rewards points from an NAB rewards credit card. This will give the cardholder a $250 Origin e-voucher towards the cost of solar installation, as well as an additional (once-off) $500 discount from Origin.

If you’re not a big spender, you can still earn NAB Rewards points by choosing an NAB Home Loan and Banking Bundle. Homeowners will receive 350,000 NAB Rewards points, and redeem them for $2,250 towards an Origin solar system.

Why switch to solar energy?

Solar energy has a significantly positive and indirect impact on our environment compared to traditional energy sources. It does not produce greenhouse gases or other pollutants, and by switching to solar Aussies can help to reduce their carbon footprint. 

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NAB Executive General Manager of Consumer Lending, Angus Gilfillan, said the initiative “acknowledged a growing interest among home owners for energy alternatives.”

“This offer not only helps to reduce the cost of installing solar panels, but also has flow-on savings for a customer’s energy bills and the environment.

“We know that cost is a significant factor for consumers when making a purchase, so we hope this initiative makes it easier and more affordable for Australians to make the switch to solar.

“We have taken a leadership position in the transition to a low carbon economy through clean energy project finance and we’re now applying this expertise to the home owner market,” said Mr Gilfillan.

The pressure is now on the other big four banks (CBA, Westpac and ANZ) to follow NAB’s lead.

What should you keep in mind?

If you’re not already an NAB customer, it’s important that you thoroughly examine and compare your current home loan and credit card provider before making a switch.

Always be wary of the hidden cost of refinancing a home loan, including discharge fees, break fees, set-up fees, and even lenders mortgage insurance in some cases.

Credit card holders should ensure they do their research into a new provider’s interest rates, minimum repayments credit limits and much more before joining.

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