NAB revealed that loans to EVs and solar panels have increased since 2020.
👉 Background: NAB is one of the big 4 banks in Australia, but it really takes the cake with its business bank - where it sits at the top. And this means NAB has a whole lot of data around business lending.
👉 What happened: Now, NAB has revealed that loans to finance electric vehicles, and hybrids have jumped by 900% since 2020. And loans for solar panels and batteries have jumped 600% since 2020.
👉 What else: Those are very laaaarge numbers - no doubt off a low base - but it shows the desire for businesses to go more green. And potentially even save some costs doing so.
💡While most consumers and businesses have positive attitudes toward eco-friendly products, they’re often unwilling to pay for them if they cost more.
💡In fact, a recent survey by the Harvard Business Review shows that 65% of people said they want to buy purpose-driven, green brands, yet only about 26% actually do so.
💡But the financial dynamics of this green-vs-non-green proposition are shifting. We could be hitting the tipping point where the transition to electric vehicles and solar panels is actually a better payoff for businesses as the price of energy skyrockets.
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