Bank Australia welcomed the opportunity to provide a submission to the Senate Standing Committee on Economics for an inquiry into residential electrification in October 2023.
Electrifying and improving the energy efficiency of residential buildings is a key part of decarbonising Australia’s economy and is also foundational to Bank Australia’s climate action strategy. Transitioning homes off gas and improving energy efficiency may also benefit health, improve the comfort of a home and deliver cost savings on energy bills. Additionally, this transition can stimulate innovation and growth in employment markets across multiple sectors of our economy.
In Australia over 5 million homes are currently connected to gas, and our experience implementing our Clean Energy Home Loan and piloting our Electrify Your Home program in Victoria shows there are significant complexities for consumers involved with transitioning a home off gas. Government support to roll-out a streamlined, ‘one stop shop’ service that simplifies this process would be an enabler of residential electrification at scale.
Consistency in national standards and datasets would also support electrifying residential buildings at scale, and we also advocated for this in our submission to the National Energy Performance Strategy (NEPS) consultation.