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$500 Cashback if You Have 5kw or More Solar Panels, CBA Home Loan (Balance $50,000+) & CBA Transaction Account @ CommBank

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$500 Cashback if You Have 5kw or More Solar Panels, CBA Home Loan (Balance $50,000+) & CBA Transaction Account @ CommBank
Go to Deal
AssociatedLBehindthemask on 05/08/2019 - 17:03 commbank.com.au (7442 clicks)
Last edited 05/08/2019 - 17:50 by 2 other users

Just saw this and thought I would share. If you have a loan with CBA and an account you can get $500 bucks. Don’t need to borrow for this. And can still have time to get solar added.
Are you eligible?

You may qualify for this limited time $500 cashback offer if:

Installed solar panels have an output size of equal to or greater than 5 kilowatts (kW)
Minimum home loan balance is $50,000 or more
Address where solar panels are installed matches the address we have listed as security for your home loan or investment home loan
Property is not an apartment or commercial property
Account holders have an open Commonwealth Bank transaction account for us to deposit the cashback

Financial Solar

Related Stores

Commonwealth Bank
Commonwealth Bank

closed Comments

  • OzBrogains on 05/08/2019 - 17:09
    +10

    Looks awesome… hope other majors follow suit.

  • qtvinsta on 05/08/2019 - 17:13
    +3

    Great first post

  • jabroni on 05/08/2019 - 17:18
    +1

    sucks for those who went with the 3.Xkw systems vs the 5-6kw

  • pearl2013 on 05/08/2019 - 17:21
    +1

    Damn, mine is 3kw only!!!

    What if I have solar panels with less than 5 kilowatt outage?
    Unfortunately systems under 5 kilowatts are not eligible for this offer.

    • hanofee on 05/08/2019 - 19:53

      I’m on the same boat as u. Really bad timing that I installed it before last year VIC rebate started too. Well, can’t do much anyway

  • Solario31 on 05/08/2019 - 17:36

    what's the average cost of getting this installed?

    • TRAVELO on 05/08/2019 - 17:40
      +12

      More than $500 lol

    • acer4una on 05/08/2019 - 17:41

      According to solarquotes, for a 5kw system it’s $4500-$8000 before vic solar rebates.

      • EnALup on 05/08/2019 - 19:54

        Similar for NSW after rebates.

    • brad1-8tsi on 06/08/2019 - 14:55
      +1

      a rubbish 5kw system that will cause headaches starts at $2500 parts & installation.

      An Entry level "good" system starts around $3900 and they go upwards from there. Depending on your existing power use habits, how much you change your power usage habits, whether you shop around for a good electricity/solar plan and a few other variables, payback will be anywhere from 3.5 years to 7 years.

  • sarahbrisbane on 05/08/2019 - 17:42
    +3

    Hmm, wondering if/how I could get something to prove the 5kw system on our house which was installed by the previous owners…

    • coxymla on 05/08/2019 - 17:46
      +2

      Might be able to request a copy of the STCs.

    • [Deactivated] on 05/08/2019 - 17:51

      Check the distributer for the connection agreement.

    • ekoenergy on 05/08/2019 - 21:40

      You should be able to get a copy of the STCs from your distributor if you contact your electricity retailer. Alternatively, your conveyancer should had got copies of paperwork and warranties when you purchased your home.

    • DryScissors on 06/08/2019 - 07:38

      There’s a form on the site just for that. You’ll need a sparky to come out and verify the installation.

  • TheGreatBab on 05/08/2019 - 17:44
    +2

    Other banks should follow the suit

  • gizmomelb on 05/08/2019 - 17:49
    +3

    hmm.. the sceptic in me suspects the bank using this as a green offset where THEY can claim tax deductions because they are helping promote renewable energy.

    I wonder if that is because the banks have shown themselves to be a despicable, untrustworthy bunch of .. well bankers.

    • [Deactivated] on 05/08/2019 - 17:54
      +1

      Bankers…knoWn collectively as a wunch
      That said this is a great deal…well done Comm Bank!

    • kipps on 06/08/2019 - 21:47

      Far out the banks really can’t do anything right, can they?

    • OzBrogains on 05/08/2019 - 19:07
      +9

      [email protected]

    • lostn on 05/08/2019 - 20:10
      +1

      Queues and wait times at branches are at a all time high but yet we keep reducing staff numbers.

      That's happening everywhere. It's just corporate culture and greed of shareholders (of which execs are among the biggest of).

    • brendanm on 06/08/2019 - 10:52
      +1

      Inner City hipsters have houses, and houses big enough to fit 5kw of panels?

      • brad1-8tsi on 06/08/2019 - 15:01

        I live next door Inner City Hipster Central (Newtown) . My roof is big enough for 2 kw of panels and the strata owns the roof so in reality I can't get solar PV like many in my area. Some people can't even move into their houses…

        We can be blamed for a lot of things such as poor choices in mustache wax and a love of overly flavoured beer and excessively priced haircuts but getting free money off the CBA isn't one of our crimes.

  • josephnds on 05/08/2019 - 18:01
    +15

    Does it really matter what their intention is? if 1000 more people get solar and lower their carbon footprint that is a good outcome.

  • casho79 on 05/08/2019 - 18:08

    Doesnt start until tomorrow?

  • Viper8 on 05/08/2019 - 18:12

    OK I'm going to do this.
    I got quotes for just $2.5k in WA for a 5kW system fully installed on a tiled roof.
    Only $2k after rebate. =)

    • Aerith-Waifu on 05/08/2019 - 18:33
      +4

      Sounds a bit too cheap, cheap what inverter they use. I had my done and it cost just over $6500.

      Went with SolarEdge in the end

      • Viper8 on 05/08/2019 - 18:40
        -2
        1. Are you in WA? WA is the cheapest state for solar.
        2. When did you get it done? Prices are cheaper each and every year.
        3. I'm not fussed about high quality components: I won't be here more than 5 or so years longer.
      • apptrack on 05/08/2019 - 18:41

        Agreed, try go German panels and inverter if you can.

        • Viper8 on 05/08/2019 - 18:42

          If I'm there for less than 10 years and everything is under warranty, why should I pay more for it?

          • [Deactivated] on 05/08/2019 - 18:57
            +1

            @Viper8: Cause it will probably die in 2.

            • Viper8 on 05/08/2019 - 19:15

              @[Deactivated]: That's what warranties are for.
              Its still a major brand name.
              Saying buy German only is like saying buy premium cars only.

              • [Deactivated] on 05/08/2019 - 20:45

                @Viper8: Good luck 😉

              • SBOB on 05/08/2019 - 21:14
                +4

                @Viper8:

                Its still a major brand name

                feel like sharing brand names?
                'major' doesnt say much

                eg
                fronius, solar edge, sma.. good. Solis, Sungrow not so much…
                LG, Winaico, REC… good. JA, Risen, Jinko, not so much.. CSUN, CEC delisted

                • brad1-8tsi on 06/08/2019 - 15:05

                  @SBOB: Jinko are OK these days.

                  Warranty is great if the installing company hasn't phoenixed itself and you can get them to come and look at the problem.

        • SBOB on 05/08/2019 - 18:55

          German panels?

          • lostn on 05/08/2019 - 20:11
            +2

            @SBOB: LOL. Almost all of them are made in China anyway.

            • SBOB on 05/08/2019 - 20:30

              @lostn: yeah, was kind of my point ;)

              if you're buying garbage with the aim for it to only last a few years, you're essentially just buying landfill

            • resisting the urge on 06/08/2019 - 07:48

              @lostn: More than half of world production is outside of China, and of that perhaps 10% is made in Germany*

              But then again, what would we know. In Oz we developed a lot of the founding technologies in the PV industry. Despite having the most sun and desert area with which to benefit, let alone the raw material, we did little other than shut down our manufacturing industry and develop CSG and coal for future prosperity.

              • lostn on 06/08/2019 - 12:35
                +1

                @resisting the urge: Our wages are high.

                Greener technology is good, but if manufacturing here makes the panels unaffordable, no one will buy them and it helps no one. We'd end up doing more harm than we would outsourcing the manufacturing, because then at least people will buy the panels.

                You're still going to need coal as a backup. Not even the most optimistic greenies would suggest 100% renewables. At least not in the next few decades.

                Labor's pledge was something like 50% renewables by 2030 (I don't remember the exact numbers) but even that was seen as too ambitious.

                More than half of world production is outside of China, and of that perhaps 10% is made in Germany*

                This is false. Your link has a table that shows each manufacturer, where their headquarters are located and their market share. The table itself only has 3 columns and does not say where the actual manufacturing plants are located, despite their claim.

                • Zachary on 06/08/2019 - 12:43

                  @lostn:

                  Not even the most optimistic greenies would suggest 100% renewables. At least not in the next few decades.

                  Wasn't there a town or city completely ran by wind power or solar power from a wind/solar farm somewhere? I remember seeing the news about that…what about those guys?

                  • lostn on 06/08/2019 - 15:06

                    @Zachary: One city is far removed from the entire nation. It can serve as a test case, but it would not mean it is viable for the whole nation to go 100% renewable. The most aggressive green countries like Germany and Norway do not aim for 100% renewable target.

                    For this to work you need a huge battery farm, because wind doesn't blow 24/7 nor is the sun directly above the solar panels. If you build enough batteries in a desert somewhere, you can power one city. But how big a battery farm would be needed to power the entire nation? Considering how expensive batteries of that size are, and how they degrade over time (expected lifetime of ~10 years), it's not viable yet on a large scale.

                    How much of Germany's energy is renewable?
                    Solar contributed 5.1 percent of Germany's electricity last week, biomass 7.6 percent, and hydropower 3.5 percent. Germany recently increased its renewable energy goal from 55 to 65 percent by 2030 to compensate for the decommissioning of aging nuclear and coal plants.

                    The EU as a whole has a target of 20% by 2020 and 49% by 2030. To double it to 100% seems a bit fanciful.

                    • Zachary on 11/08/2019 - 11:18

                      @lostn: I guess that could be an issue…but what about self-sustaining source? Like somehow get solar and wind to work with each other so if one stops working due to insufficient wind in the case of the wind turbines or insufficient sun in the case of the solar panels, the other makes up for it, and thus forces the other work to restart work and help it along the way which in turns makes more power to provide for the city/town? OR maybe if two sources of power isn't enough have a third or fourth….like using the current flow of water to produce power…

                      I don't know, I'm just thinking out loud…

                  • imcold on 06/08/2019 - 18:13

                    @Zachary: Yeah in the end everyone regretted it, they chased Greenpeace out of town and then switched coal, when the found out the couldn't even use lightbulbs with a $40k? $400,000? setup.

                    https://www.scientificamerican.com/article/coal-trumps-solar…

                • resisting the urge on 07/08/2019 - 18:04

                  @lostn: I don't think so. The source of the data was GTM/SEIA. The table says headquartered, but is quoted as a 'list of solar panel makers in the US by residential market share and country of manufacture*' https://www.seia.org which is a reputable statistics provider.

                  Understand that anyone making panels in their own country is likely to be headquartered there, so you can't assume it is incorrect because the column heading is listed as it is

                  A quick Google however shows a lot of those companies in a more recent shortlist of American solar companies making their solar panels locally (https://news.energysage.com/u-s-solar-panel-manufacturers-li…)

                  Auxin Solar
Certainteed Solar
First Solar
Global Solar
GreenBrilliance
Lumos Solar
Prism Solar
Seraphim Solar
Solar Electric America
Solaria
SolarTech Universal
SolSuntech
SunPower
SunSpark
Tesla/Panasonic

                  Notably, Tesla and Panasonic each began manufacturing U.S. solar panels in late 2017. The two companies are now producing Tesla’s new solar roof product and low profile solar panels at its large manufacturing plant in Buffalo, known as the Gigafactory.

                  • lostn on 07/08/2019 - 18:48

                    @resisting the urge: Are you saying that every company in that table is manufacturing their panels in the US? Including the China headquartered ones?

                    Of that new list you posted, I've not heard of most of them. And Sunpower is the only brand I've seen selling panels here. I haven't found any installers who sell Tesla or Panasonic. Not saying it doesn't exist, but I've spoken to more than 10 in my area and no one sells those. In fact, I haven't encountered a Sunpower dealer either, though I know they exist.

                    The rest I've never even heard of. They must not have a presence here.

                    Manufacturing location vs headquarters location

                    If ‘country brand’ is important to you, be aware that the location of a company’s headquarters is not always the same as its factories. (For example, SunPower is a premium American brand that has manufacturing plants in both the US and the Philippines.) All else being equal, knowing that a company’s head office is relatively close or in a familiar country could help you make a decision.

                    Seems at odds with your claim that country of manufacture = headquarters.

                • resisting the urge on 07/08/2019 - 19:19

                  @lostn: @lostn: "Greener technology is good, but if manufacturing here makes the panels unaffordable, no one will buy them and it helps no one. We'd end up doing more harm than we would outsourcing the manufacturing, because then at least people will buy the panels."

                  The manufacture of solar panels has always been automated, cost of labour is not a major inhibitor. Cost of maintaining machines in Oz is no greater than in SE Asia. Robots cost the same to import and even build here. All we actually lack is the collective desire to put the country in a position that allows it to produce ongoing value in growing markets. In China gov investment assures producers markets will be found, land and investment found, and red-tape minimised.

                  If in Oz we chose to make an half arsed effort we could build better plant and equipment. Deploy solar farms in knock-down form to order, trucked to site very cheaply and faster than having it all shipped in. But then again we could put a freight train up to Darwin and ship them all over the world too but instead we keep building roads we don't want to look after, and pissing it away at the club. We just don't want to bother or take a risk, or both, so the opportunity, as does the sheeps' back and the coal market simply evaporates in the heat of the sun we fail to make use of.

                  "You're still going to need coal as a backup. Not even the most optimistic greenies would suggest 100% renewables. At least not in the next few decades"

                  We don't need coal as backup at all. It doesn't work for cheap despatchable power because it takes too long to scale output to meet spikes in demand. We just need a regulator that can write regulations that brings generators, consumers, transmission and storage together in such a way that everyone works to develop and maintain the grid and back-up sources in a tested and effective, rather than just best -effort/ theoretical. But trusting the AER to do that may not be a good idea, for it (and we) have a pretty poor history of writing regulations (let alone laws) to address, or even make something of the future.

                  Done right, we'd only rely on coal and gas as backup. Once the last of the coal-fird gens are moth-balled, we could likely use Hydrogen tech to store all the excess our solar infrastructure can produce, and sell to high value markets globally. Everyone wants it. And we need some industry other than coal mining as the price of iron ore will tank as all the other mines open up in coming years.

                  Hydrogen provides a great way for us to export energy collected from the sun, and if we wanted to do it, and could be done before our first nuclear reactor could be built (and not represent such cost, or lethal waste products we are yet to work out how to store).

    • Stimps on 05/08/2019 - 19:13

      Good luck getting it installed by the cut off. They’ll tell you 4 weeks and you will be waiting months.

      • Viper8 on 05/08/2019 - 21:07
        +2

        Lol. Booked in for next week. Everyone so sour on here cos they paid top dollar for now outdated tech.

    • donkcat on 05/08/2019 - 19:17

      For that price it's not just the components I'd be concerned about, it would be the quality of the install. I know 2 people who got these cheap systems and after so much back and forth had to pay electricians to come and fix the problems.

      • Viper8 on 05/08/2019 - 22:59
        +1

        That's why you get an electrician business that also does solar? Reviews speak for themselves, as does reviews of the brands of the components. Never seen so much defensiveness on OB before. Its hilarious.

        • donkcat on 06/08/2019 - 07:33
          +1

          Almost like others know you can only ozbargain your solar system so far, let’s just hope your system doesn’t end up like the many others on the crap solar facebook page

          • Viper8 on 06/08/2019 - 09:55

            @donkcat: Why would it. Its branded components with warranty, not a cheap Chinese no-name knock off.
            Again, solar in WA is cheaper than anywhere else in Aus. Look up Solarchoice.

            • donkcat on 06/08/2019 - 10:39

              @Viper8: What brands are you being quoted?
              The difference on a 5kw system in WA to Victoria is about $400 in STC credits, so it doesn't explain the huge price difference.

              • Viper8 on 06/08/2019 - 11:17

                @donkcat: Goodwe for the inverter and ET Solar for the panels. I'm aware these are both budget brands, but they're still proper brands with offices in Australia and warranties.
                Sure I could pay double for a system with double the warranty and double the life, but TBH I would rather replace the entire system once during that time coming to the same cost as a top quality system from the get go, as better and cheaper tech will be out by that time, so I will be reaping those improvements at the same cost as someone still using their out-dated system.

                • donkcat on 06/08/2019 - 11:43

                  @Viper8: Nothing wrong with Goodwe, good budget inverter, however it seems ET solar don't have an Australian office anymore "While ET Solar did have an Australian office, they no longer list it on their contacts page and when I tried to ring them I found their number had been disconnected, so it appears they no longer have an Australian office.

                  If a company does not have an Australian office, then whoever imports the solar panels is responsible for their warranties. "
                  https://www.solarquotes.com.au/panels/et-solar-review.html

                  Well who knows what the future holds for the costs of panels, we know that the STC rebates are being gradually phased out until their complete removal in 2030. That right there will add $3k to your system cost in 2030. China want to reduce the subsidies they offer to their solar industry, this would increase panel prices, labor costs will increase to install panels in 10 years time, additional red tape etc.

                  • Viper8 on 06/08/2019 - 11:51

                    @donkcat: Thanks for the info.
                    Despite falling subsidies, system install costs are still plummeting. I believe it's just FOMO marketing by solar companies to push people on the fringe into buying now rather than later.

                    • donkcat on 06/08/2019 - 12:03

                      @Viper8: Subsidies only fell for the first time this January, not a great sample size there, time will tell if all these dirt cheap solar systems last the journeys or better yet if the parent companies are around long enough to see the warranties out. Only today CSUN panels were dropped as a CEC accredited panels list, these cheaper panels are really boom and bust.

                      • Viper8 on 06/08/2019 - 13:40

                        @donkcat: There is monthly data out from Jan to July: scroll down to halfway to see the graphs. The trend is unchanged.
                        https://www.solarchoice.net.au/blog/solar-power-system-price…

                        • donkcat on 06/08/2019 - 13:50

                          @Viper8: Yes luckily at the same time the STC's dropped 14% in Jan the price of panels also reduced. How much more these prices can fall is the questions and is it at the sacrifice of quality control, will we end up with another flammable cladding situation because of cheap imports from China.

  • onetwothreefour on 05/08/2019 - 18:26
    +17

    You could save over $500 by switching your home loan to someone else.

  • HaruBestie on 05/08/2019 - 18:27
    +2

    This is a really dumb question, but if I had my solar panels installed years ago can I still apply for this cash back if I have all the docs? Can't find in the T&Cs about how far back we can claim for the solar panels.

    • mariaB on 05/08/2019 - 21:17
      +1

      I wonder this .. mine were installed in 2012 - I am going to try tomorrow so I will let you know :D

    • mariaB on 06/08/2019 - 11:21
      +1

      So the answer was yes :D :D :D

      • HaruBestie on 06/08/2019 - 20:38
        +1

        oh wow awesome!! thanks for finding out :)) guess I need to go and find the docs now!! can't say no to free money ;)

  • aarkay on 05/08/2019 - 18:28

    Why cba is giving this ? What’s the motive?

    • Viper8 on 05/08/2019 - 18:41
      +3

      Improve their environmental image in the eyes of the community, government and investors.
      My company just announced several hundred million dollars towards climate change initiatives, purely for those reasons (not an environmental company).

  • MrFrugalSpend on 05/08/2019 - 18:50

    not another incentive to subsidise the cost of solar and indirectly pass it onto other consumers!
    We already pay in taxes and in power bills, now banks are going to make it part of their overheads as well!!

    It's already having diminishing returns and causing grid instability… someone needs to get serious about subsidising some storage / batteries so it can be used at more consistent times already!

    • drillvoice on 06/08/2019 - 10:05
      +2

      i know right all those extra people generating electricity and supplying it to the grid are really costing us hey

      • MrFrugalSpend on 08/08/2019 - 21:38

        Yes they are. If you think they aren't you are ignorant to reality.

        There are negative impacts of the intermittent nature of solar on the energy market, whole grid stability and spinning reserve, and flow on impact to operating costs of existing power stations - they can't turn on and off quickly but they can't sell all the power when the sun is shining, so it messes the whole market up. As well as the obvious fact there are feed in tariffs that average higher than cost of base load on the energy market. So once cheaper base load turns off, peaking power is needed (e.g. gas generation) or BESS to fill in the resulting gaps in supply, which is expensive, driving up prices for retailers that they pass on.

        Plus with subsidies and forced feed in tariffs someone ultimately pays. It doesn't come from nowhere… no free lunches in the economy I'm afraid.

        So yeah, it costs us.

  • donkcat on 05/08/2019 - 18:58
    +2

    Thanks OP, pretty pleased with this, we have a home loan with the CBA and installed a 6.6kw system last year

    • jussie2000 on 05/08/2019 - 20:33

      how much did yours cost u? we thinking abt the same. also did u get a large battery?

      • donkcat on 05/08/2019 - 20:54

        Mine was $4800 after the Vic rebate, didn't get a battery as the economics don't stack up for batteries atm

  • Shanp on 05/08/2019 - 19:26

    Mine is a 4.95 kw system :(

    • EnALup on 05/08/2019 - 19:59

      Mine is 5kw, but not with CBA.

  • Keplaffintech on 05/08/2019 - 20:45
    +4

    If you're with CBA you're losing a lot more than $500 in interest when compared to other loan providers (ubank is 3.09%, or if you prefer offset ING is 3.23%). The fees for a CBA loan ('wealth package') are like $395 a year alone.

    • DryScissors on 06/08/2019 - 07:40
      +1

      I’m with CBA and got them to price match an online lender (not the lowest but better than what I had) and waive the package fee. My loan is only 200k

      • Keplaffintech on 06/08/2019 - 08:36
        +1

        What rate are you currently on?

  • Bloodfart on 05/08/2019 - 20:57

    If my panels are 3kw and the inverter is 5kw, am I eligible?

    • OzBrogains on 05/08/2019 - 21:41

      All signs point to no.

    • MuddyClear on 05/08/2019 - 22:42

      No as you’re still on a 3kw system.

  • tunzafun001 on 05/08/2019 - 21:01
    -2

    What if you currently have a 3kw system, then pick up an extra 3kw system from gumtree for about $500.

    No idea what the install will cost to add on to an existing system / add a second 3kw inverter

    • MuddyClear on 05/08/2019 - 22:49
      +1

      Sounds like tons of fun

      • Steptoe on 06/08/2019 - 04:04

        I see what you did there

    • OzBrogains on 05/08/2019 - 23:02

      Cost to install - More than $500

      • tunzafun001 on 05/08/2019 - 23:32
        +1

        Thats still ok. Basically what I'm asking is, if we have sub 5kw systems, can we upgrade and get $500.

  • Aerith-Waifu on 06/08/2019 - 02:12

    I am with bankwest, does that count? As bankwest is owned by the CBA

    • resisting the urge on 06/08/2019 - 08:08

      No, CBA would see you as a customer of a different bank, even if you bought from BW knowing CBA owned it.

  • ketchmeup on 06/08/2019 - 06:33

    Great find OP. Will be submitting today.

  • SpaceJudge on 06/08/2019 - 08:13

    Thanks Op!

  • luffyex2010 on 06/08/2019 - 08:50

    Thanks OP

  • rebel1 on 06/08/2019 - 09:11
    +1

    Hmm tried to call but due to unforseen circumstances we cant take your call, please call back… I have the viridian home loan… I suppose that qualifies ?

    • casho79 on 06/08/2019 - 09:24

      I tried to call last night and got that message.
      40 mins on their online chat and they decided I'd need a call back today.
      Just got the call back and after 20mins on the phone, the customer representative that called me was getting the same problem and set up a meeting in my local branch….

    • ttlooshan on 06/08/2019 - 10:19

      Yea I keep getting this no matter how many times I ring.

      • ttlooshan on 06/08/2019 - 11:53

        OK finally got to speak to someone. They email you a reference number and email address to submit your documents. Can take up to 4 weeks. Easy peasy.

  • zagzzig on 06/08/2019 - 09:23
    +1

    Bad news to some ozbargainers:

    Bankwest home loan, Viridian line of credit, Equity Unlock for Seniors, apartments, units and commercial properties are ineligible for this offer.

    Source: "Things you should know" section of CBA link.

    • rebel1 on 12/08/2019 - 08:45

      The CBA website says under home loans Viridian line of credit… see how i go…

  • drillvoice on 06/08/2019 - 10:06

    Interesting although let's be clear that solar panels and "energy efficient" are two different things!

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