CommBank has responded to rising demand for home energy savings by launching an innovative Home Energy Upgrades service in the CommBank app and on Commbank.com.au. This should make it easier for Australians to navigate what's on offer.
Recent research2 by energy solutions leader Brighte found there are still barriers to investing in home energy upgrades, with half of Australians surveyed saying the upfront cost was too high and a third finding the process overwhelming.
To address this, CommBank has launched a new Home Energy Upgrades service that includes a digital marketplace co-developed with Brighte, to help households overcome the two biggest barriers to energy upgrades: upfront cost and complexity. The digital marketplace also features discounted finance offerings that are supported by the Clean Energy Finance Corporation's (CEFC) Household Energy Upgrades Fund TM.
Together they allow customers to:
- Complete a personalised home energy assessment and identify how they can make their home more energy efficient
- Get quotes from accredited local solar and battery installers
- Access discounted financing
- Receive up to $1,500 in cash back, for eligible CommBank customers;
- Explore government rebates, such as the new Cheaper Home Batteries Program, and
- Manage the entire installation process in one place.
Commonwealth Bank Personal Lending lead Joel Larsen said: "We know the whole experience about exploring solar and battery can be confusing and expensive. We want to make it easier.
"The new Home Energy Upgrades service lets customers explore tailored solutions, from solar panel installations and battery storage through to electric vehicle chargers.
"Through the CommBank app customers can now estimate potential cost savings, identify options to reduce their energy consumption and apply for discounted finance. It's all in one place.
"With new government assistance coming on stream and more maturity in the sector, it's a great time to look into what's available. The Federal Government's new Cheaper Home Batteries Program that starts on the first of July could see the cost of installing a battery drop by about a third."
CEFC Head of Consumer Finance, Grace Tam said: "This is an initiative that helps households access low-interest loans to complement the Australian Government's Cheaper Home Batteries Program and support further financing needs for their home energy upgrades.
"We're very pleased to be working with CommBank to help Australians access customised home energy advice, benefit from lower financing costs, and help reduce their energy bills."
Key features of the Home Energy Upgrades service:
- Personalised Home Energy assessments: Evaluate your home's current energy performance and receive customised recommendations for efficiency improvements and calculate potential savings on energy bills based on recommended upgrades.
- Exclusive CommBank offers including:
- A discounted unsecured fixed rate personal loan at 3.99% p.a. for CommBank home loan customers. This special interest rate is supported by finance from the CEFC Household Energy Upgrades FundTM. And non-CBA home loan customers can also access a range of discounted home energy financing solutions.
- Up to $1,500 cashback for funding an Unsecured Personal Loan for home energy upgrades through Brighte's accredited installers.
- Simple digital experience: access through the CommBank app or website, providing a one-stop solution for energy efficiency planning, accessing eligible government rebates and applying for finance.
- Supported by a trusted, local installer: Access Brighte's extensive local network of retailers who adhere to the New Energy Tech Consumer Code (NETCC) and installers who are covered by Solar Accreditation Australia (SAA), ensuring high standards of consumer protection and technical safety.
The initiative is the latest in CommBank's efforts to help Australians manage the rising cost of living while providing solutions on how to make their home more energy efficient. By providing access to new technologies supported by special finance offerings, CommBank aims to empower more customers to take advantage of home energy upgrades and potential long-term power bill savings.
CEO of Brighte, Katherine McConnell said: "Home electrification is the future of Australian housing, and we're excited to partner with CommBank to help accelerate this transition. Brighte is the bridge to clean energy - connecting homeowners with the technology, finance, and national network of trusted CER retailers they need to power their homes sustainably."
