The majority of Aussies intend to install clean energy products, survey finds
New Commonwealth Bank research has found that 71% of Australians believe installing energy efficient features such as solar panels, double glazed windows, and LED lights can help increase property value.
Increased insulation, solar panels, and highly efficient water fixtures were the energy-efficient features Australians deemed most important, survey findings showed. Other features that ranked highly among Australians included solar hot water systems, double-glazed windows, heat pump hot water systems, and battery packs.
Nearly eight out of 10 homeowners have expressed their intent to install green and clean energy products, and approximately a quarter of them plan to do so within the next 12 months.
Michael Baumann (pictured above), CommBank’s executive general manager of home buying, said the research findings showed a growing interest among Australians in implementing energy-efficient home upgrades.
“Energy efficient features are moving from a nice to have to an essential for many Australians, with the research results showing that 75% of Australians believe energy efficient features are a must-have in their homes,” Baumann said.
Baumann said homeowners are currently faced with affordability issues, with the research indicating that cost is a significant barrier to implementing energy-efficient upgrades.
The study found that six out of 10 Australians found the cost of energy efficiency solutions was preventing them from upgrading their homes, while nine out of 10 were unaware if their bank offered low-interest or discounted loans to assist with the upfront expenses associated with home energy efficiency enhancements.
“Buying and installing clean energy products is an investment and making meaningful upgrades to your home can require a significant upfront financial commitment,” Baumann said. “However, there are specific financial products that can help Australians with those upfront costs to allow them to put their plans into action.”
Customers with an eligible CommBank home loan can apply for a CommBank Green Loan to purchase and install eligible products that can enhance the energy efficiency of their homes.
In June, the bank raised the maximum loan size for the CommBank Green Loan to $30,000 and expanded the range of eligible products. With no extra fees and a 10-year fixed rate,the loan provides an option for homeowners looking to boost their home’s energy efficiency.
“Our decision to increase the maximum loan size to $30,000 and increase the eligible products that could be funded was driven by the recognition that Australians want to make multiple energy efficient upgrades to their homes, not just install solar or a battery,” Baumann said in a media release.
“The CommBank Green Loan now covers the purchase and installation of products such as heat pump hot water systems, electric vehicle charging stations, switching from gas to electric cooking appliances and double-glazed windows.”
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