Bank Australia launches first of its kind pilot to help households get off gas and make the switch to electric

Bank Aus Home Solar

Bank Australia has launched its Electrify Your Home pilot to help eligible home loan customers get their homes off gas. Of all Australia’s states and territories, Victoria relies most on gas, which make up 17% of the state’s total emissions.[1]

Bank Australia’s Managing Director Damien Walsh said supporting customers to electrify their homes is key to the bank’s climate action strategy and reaching their 2035 net zero emissions target.

“Over 90% of Bank Australia’s emissions come from the homes we finance, so we know electrifying homes needs to play a big role. 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.”

Electrifying homes is critical to a net zero economy, and electric appliances are also better for health and can mean savings on energy bills.[2] Bank Australia is aware that costs and complexities in the process of going electric can be a barrier for households, and this pilot will support customers through each step of the process.

The Electrify Your Home pilot will begin in the Latrobe Valley, before broadening to other Victorian customers. With a strong history in the Latrobe Valley and a third of Bank Australia’s workforce based in the region, the bank is committed to supporting the Latrobe Valley in its just transition.

Swapping a gas stove or oven for an electric alternative, replacing a gas hot water system with an electric heat pump, and installing solar panels are some of the upgrades customers will make through the pilot. An online home electrification assessment provided by BOOM will provide personalised recommendations for customers, who can then choose the right option for their budget.

BOOM is a leading electrification platform that 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, or customers can use a different supplier of their choice. The platform will also provide ongoing insights on the impact of their actions, to both customers and Bank Australia.

BOOM CEO and Co-Founder Alex Houlston said “We are committed to making a positive environmental impact, and helping people to electrify their homes is a key enabler of emissions reductions. It also happens to make good financial sense.”

“BOOM is proud to be the only Aussie climate-tech business that delivers electrification needs in one platform, with purpose-built software that simplifies the whole process.”

The pilot is hoping to attract 50 participating customers, with financing options available to help with the upfront cost of electrifying their homes.

About Bank Australia

Bank Australia exists to inspire and empower our customers to use their money to create a world where people and the planet thrive. We are 100% customer owned, a certified B Corp and we aim to be Australia’s most trusted bank. Our commitment to clean money means we focus our lending and investments in areas that do good, not harm, for people and the planet. We support 186,000 customers and we’re the custodians of more than $10 billion in assets. 

About BOOM

BOOM is Australia’s leading electrification platform, making it easy to make the switch. The purpose-built software simplifies the building electrification process by supporting decision-making, providing seamless and effortless access to reliable suppliers, and tracking the financial and emission impacts in one place. To date, BOOM has supported over $10m of electrification projects.

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