UPowr First to Offer CBA “InstalPay” for Interest Free Solar and Battery Finance
(31 October 2023 - Australia) CBA is the first major bank to offer interest-free finance for major purchases up to A$30,000 with its new "InstalPay" product, enabling customers to split big ticket expenses into instalments over one to five years.
UPowr is the first merchant to offer CBA's InstalPay product as a way to pay for its solar and battery provider systems, help customers save on energy bills and budget for larger expenses. UPowr is a New Energy Tech Approved Seller, making it easier for customers to choose and install battery and solar solutions with a digital platform.
"InstalPay allows CommBank customers to make more choices about purchases that are important to them, by spreading these costs over a longer period of time. Many purchases can be large and difficult to budget for, especially where they incur a significant upfront expense. CommBank customers want to invest in solar but the upfront cost is a barrier" commented CBA Executive General Manager Consumer Finance, Marcos Meneguzzo.
“CommBank customers who use InstalPay to pay for their UPowr products will be eligible for interest-free finance paid off in instalments, helping them potentially realise the benefits of lower energy bills from the first month. InstalPay creates more choice when budgeting for larger purchases.”
“With this new product, InstalPay, UPowr is committed to offering homeowners a simpler way to manage their energy costs while making the switch to renewables effortless. We believe in a brighter, greener future for every Australian. Our partnership with CommBank reinforces our mission, ensuring an accessible and hassle-free green energy journey for all their customers" stated UPowr CEO, Stu Philpot.
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