Renewables, Transition to Renewables

Pilot program helping homes switch to electric

A pilot program from Bank Australia is helping Australian households make the switch from gas to electric as the nation strives to achieve its net-zero target by 2050.

The Electrify Your Home program is assisting the bank’s eligible home loan customers to move away from dependence on gas, with the initiative helping overcome the cost barrier associated with making the transition.

“More than 90 per cent of Bank Australia’s emissions come from the homes we finance so we know electrifying homes needs to play a big role [in emissions reduction],” says Bank Australia managing director Damien Walsh.

“Our customers want to see us lead on climate action and we’ve already had experience implementing our Clean Energy Home Loan products.

“From this pilot we hope to learn what the challenges are for our customers in getting a home off gas and show the role banks can play in electrifying homes at scale.”

The costs and complexities of going fully electric can be a barrier for some households, but this pilot will support customers through each step of the process.

READ MORE: Victoria bans gas in all new homes from 2024

Electrify Your Home will begin in Victoria’s Latrobe Valley, where one-third of Bank Australia’s workforce is based.

Some of the upgrades customers can make in the program include swapping a gas oven or stove for an electric unit; replacing a gas hot water system with an electric heat pump; and installing rooftop solar panels.

An online home assessment provided by electrification platform BOOM will provide personalised recommendations for customers.

BOOM takes into account a home’s energy usage, current systems and appliances, and calculates the impact on costs and emissions.

The platform also connects customers with qualified suppliers and installers, and provides ongoing insight on the impact of their actions.

“We are committed to making a positive environmental impact, and helping people electrify their homes is a key enabler of emissions reductions,” says BOOM co-founder and CEO Alex Houlston.

“It also happens to make good financial sense.”

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