No Toasters! Union Bank Offers Green Loan Incentives

California had long been the leader in many environmental initiatives, and certainly the current administration in the state is keen on maintaining that “green leadership.”

 

One of the ways that government gets citizens to participate in large-scale initiatives is to offer incentives, for example by offering contracts based on a bidder’s ability to meet or exceed a set goal. California offers a number of programs designed to drive green business practices and environmentally friendly designs.

 

Banks, on the other hand, have traditionally used a different kind of green incentive program. “You let us hold your green (money), we’ll give you interest in return. And as for incentives, here, have a toaster."

 

Well, Union Bank of California, has announced a “green loan” program, designed to give consumers a quarter-point discount on loan interest rates if the loan is for vehicle and home equity loans that are to be used for the purchase of new or used vehicles that run on alternative power sources other than petroleum.

 

“Preservation of the environment is an inherent part of Union Bank of California’s philosophy and culture,” said Executive Vice President Robert A. McNeely, who heads the bank’s corporate and community development efforts. “The new loan program is the latest in a line of environmentally-conscious initiatives supported by the bank.”

 

According to Steve Glaser, executive vice president and head of retail banking, the “green loan” program also offers the 0.25% interest rate discount on home equity fixed-rate loans to consumers purchasing energy-efficient upgrades for their homes. These enhancements include the installation of solar panels, HVAC appliances, Energy Star rated windows, “green” heating, lighting and water use.

 

This is not the first foray into green initiatives for Union Bank of California. Recently, the bank provided funding for a solar-powered apartment community in San Diego, and in January of this year, Union announced a five-year grant for $500,000 to the Trust for Public Land’s Parks for People — Bay Area Program to create and revitalize urban parks and to demonstrate an increased focus on environmental health. 

 

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