Commonwealth Bank (CommBank) has launched a new Home Energy Upgrades service via its app and website, aiming to help customers navigate the complex and costly process of improving energy efficiency at home.
Backed by the Clean Energy Finance Corporation (CEFC) and developed in partnership with energy solutions provider Brighte, the digital service offers tailored assessments, quotes, government rebate access, and discounted finance in one convenient platform.
Recent research by Brighte revealed that 50% of Australians are deterred from home energy upgrades due to upfront costs, and a third feel overwhelmed by the process.
Separate research by REA Group and Origin found that while 56% of Australians plan to improve their home’s energy efficiency over the next five years, 40% said they don’t know how to do it, and awareness of electrification is especially low among those under 35.
To address these concerns, CommBank’s new digital marketplace offers:
“We know the whole experience about exploring solar and battery can be confusing and expensive. We want to make it easier,” said Joel Larsen (pictured), Commonwealth Bank personal lending lead, in a media release.
“The new Home Energy Upgrades service lets customers explore tailored solutions, from solar panel installations and battery storage through to electric vehicle chargers.”
Larsen said the service helps customers “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 becoming available and more maturity in the sector, it’s a great time to look into what’s available,” he said. “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.”
Key financial offers include:
Grace Tam, CEFC head of consumer finance, said the initiative was designed to help households access low-interest loans that would complement the federal government’s Cheaper Home Batteries Program and support broader home energy upgrade financing needs.
“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,” Tam said.
Brighte CEO Katherine McConnell said the collaboration would help accelerate the shift to home electrification.
“Home electrification is the future of Australian housing, and we're excited to partner with CommBank to help accelerate this transition," she said. “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.”
The Home Energy Upgrades service also ensures high standards of consumer protection by working only with retailers who follow the New Energy Tech Consumer Code (NETCC) and installers accredited by Solar Accreditation Australia (SAA).
The launch is part of CommBank’s wider strategy to ease cost-of-living pressures while promoting sustainability. The service is now live on the CommBank website and mobile app.
The new digital offering builds on CommBank’s existing green financing support.
CommBank also offers a Green Loan with a 1.99% p.a. fixed interest rate for eligible home loan customers to install energy-efficient products. It recently increased the loan cap from $20,000 to $30,000 and expanded eligible items to include double-glazed windows and electric cooktops.
A personal loan discount of up to 7.49% p.a. is also available for approved customers purchasing electric or hybrid vehicles and clean energy products.
