Metro, a leading non-bank auto and equipment finance lender in Australia, has introduced a new green lending programme, MetroEco. This initiative rewards consumers and small to medium-sized enterprises (SMEs) that opt for green assets like electric vehicles (EVs), solar panels, and batteries with discounted rates.
In partnership with the Clean Energy Finance Corporation (CEFC), a government-owned green bank, MetroEco will offer interest discounts on loans for eligible EVs, energy-efficient equipment, and battery technology. The CEFC is providing a $50 million investment towards this programme.
MetroEco will offer customers a 0.5% discount through CEFC finance on Metro’s standard finance rate, which Metro will match with an additional 0.5% discount, resulting in a total 1% interest discount. This discount applies to new battery electric vehicles and plug-in hybrid electric vehicles on loans of up to $90,000.
Borrowers can bundle multiple purchases into a single loan to maximise the discount. For the first time, Metro will finance products such as batteries, solar panels, and EV charging stations. Additionally, farmers and small businesses can access discounted finance for energy-efficient farm and building machinery, including tractors, harvesters, earthmovers, and cranes. MetroEco aims to support the transition to greener, more sustainable practices by making energy-efficient assets more accessible and affordable.
The new line will use CEFC finance to offer customers a 0.5 per cent discount on Metro’s standard finance rate to purchase. Metro will then match this with an additional 0.5 per cent discount.
The total 1 per cent interest discount will apply to new battery electric vehicles and plug-in hybrid electric vehicles on loans of up to $90,000. Borrowers can bundle purchases into a single loan to get the best discount possible, according to the lender.
Farmers and other small businesses will also be able to access discounted finance for more energy-efficient farm and building machinery such as tractors, harvesters, earthmovers and cranes.
Metro’s CEO Phillip Crossman said the line would be one of the most competitive offerings in the green lending space. “Our MetroEco initiative empowers Australian small-to-medium businesses and consumers to embrace green technologies and ultimately supports Australia’s transition to a net-zero economy,” he said.
CEFC CEO Ian Learmonth said the programme underscores the organisation’s commitment to accelerating the adoption of green assets in Australia. “CEFC finance is incentivising businesses and individuals to choose technologies that support Australia’s transition to a low-carbon economy,” Learmonth said.