RATESETTER Australia has announced an 18-month extension to its green loan marketplace.
The UK peer-to-peer lender’s Australian subsidiary is working with the Australian government’s Clean Energy Finance Corporation (CEFC) to bring clean energy borrowers and investors together.
The marketplace was seeded with AUS$20m (£11.2m) from the CEFC and provides affordable finance options to Australian homeowners and businesses that purchase approved energy efficient products.
In its first year it helped more than 1,000 households and small businesses finance green energy products.
“With the support of the CEFC our green loan marketplace has achieved strong traction in its first 12 months,” said Daniel Foggo, chief executive of RateSetter Australia.
“Continued reductions in the cost of solar systems coupled with low cost finance makes these products a smart choice for many more Australians.”
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In addition to the CEFC, over 200 retail investors have financed green loans, earning returns of up to 6.5 per cent per annum.
The loans have helped finance a wide range of green product purchases, including solar panels and battery systems, energy efficient lighting and energy efficient heating and cooling systems.
RateSetter Australia said that solar systems financed over the first 12 months of the program have resulted in a reduction of at least 2,250 tonnes of CO2 emissions annually.
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“As power costs continue to rise the benefits of moving to solar power have become very clear,” said Foggo.
“We’re delighted to announce the continuation of our partnership with the CEFC to help meet the green energy finance needs of Australian homes and business.”