Submission to: National Energy Performance Strategy

Bank Australia welcomed the opportunity to provide input into the development of the Federal Government’s National Energy Performance Strategy (NEPS) by making a submission to the NEPS consultation in February, 2023.

Reducing emissions from the homes we finance is a key part of how Bank Australia will reach net zero by 2035, the headline commitment in our climate action strategy. Many homes in Australia were built before energy performance standards existed, and emissions from housing contribute to 11% of national emissions in Australia, and make up 24% of emissions from electricity use. Homes with poor energy efficiency also have lower thermal comfort and can be more expensive to run.

Our NEPS submission provided insights based on our experience offering Clean Energy Home Loans, which reward customers buying or renovating energy efficient homes. In this submission we called for government to support the roll-out of a consumer ‘one-stop shop’ service that would reduce complexity in navigating the home electrification retrofit process. We also advocated for a single national energy performance rating tool, to incentivise building sustainable homes at scale and help inform consumer choices.