From Israel comes news that two of the country's leading banks, Bank Leumi and Bank Hapoalim, are offering extremely attractive terms on loans for the purchase of energy efficient automobiles and for solar electricity systems for homeowners.
For example, Bank Leumi is offering auto loans for 100% of the purchase price of gas-electric hybrid vehicles, payable over 60 months, at the rate of prime minus 1 percent. The bank's customary application fees have also been halved. Click here for the story.
Israel has no petroleum reserves of its own, brings in all of its natural gas via pipeline, and has precious little water. Reducing consumption and encouraging the use of renewables is the only way to go.
Naturally, the banks see a business opportunity. But who can deny that necessity is the mother of invention?
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