Alert notice

Scam alert: Increased reports of phone porting scams - Read more on how to protect yourself.

Close navigation
2023-12-22 2:05 pm
Alert notice

App and internet banking outage - Update 5:50pm: Our app and internet banking channels are now back online and we are monitoring stability of our services. Read more.

Close navigation
2023-06-23 12:09 pm

Electrify Your Home: getting started

Why go all-electric?StoriesCommunity in actionNet Zero by 2035

Switching all-electric at home is better for the environment and can be better for your health and your hip pocket. Here are the tools and info you need to get started.

Electric homes can be cheaper to run
Right arrow

The Climate Council estimates it costs around $1,000 less per year to run an all-electric home.

Switching to all-electric is more sustainable
Right arrow

Switching from fossil gas appliances to electric and using solar helps to reduce household emissions.

Electric homes can be better for our health
Right arrow

Gas appliances create indoor air pollution and may raise childhood asthma risk.

Featured

Find out how Meg and Pat electrified ther home
Right arrow
Let’s face it: the idea of electrifying your home can be a little daunting. But as Meg and Pat discovered when starting the process last year, there is an avid community of like-minded people and organisations (including Bank Australia) ready to support you along the way.

What can you electrify at home?

Electric cooking with Simon Toohey

My journey towards an electric home – with Simon Toohey
Right arrow
A man, the chef simon toohey holding a poached pear dish in a kitchen
Induction cooking: get the real story with Simon Toohey
Right arrow
A person cutting vegetables on a chopping board.
Mastering induction cooking: top recipes and tips from Simon Toohey
Right arrow

Featured

Clean Energy Home Loan

‍

We're rewarding people who do the right thing for our planet. Eligible customers can receive a reduced variable home loan rate for 5 years, or fixed rate for 3 years with a Clean Energy Home Loan.

  • Eco: for newer energy efficient homes
  • Eco Upgrade: for existing homes with green upgrades
  • Eco Plus: for ambitious new homes
Learn more
a man and a woman walking out of a house
Above: Meg and Pat's house in Geelong.

Electric home stories

Meet the couple living in one of the country’s greenest homes
Right arrow
“Go for it”: How Murray and Bec switched to electric at their family home
Right arrow
Energy efficiency and going electric while renting: top tips
Right arrow
Handy tips from Australia’s leading home electrification expert Tim Forcey
Right arrow
Read more stories
Right arrow
a heat pump water heater and split system Air-conditioning unit

"We know our customers care deeply about climate action. For Australia to meet its climate targets, buildings need to reduce emissions quickly, so one of the most important collective action households can take towards a safe climate is switching away from fossil fuels like gas and towards all-electric.”


Jane Kern, Bank Australia's Head of Impact Management

Why are we supporting all-electric homes?

We know our customers want to see us lead on climate action, and that’s why we’ve developed our ambitious climate action strategy with a commitment to reach net zero emissions by 2035.



To reach this target, we need to support our customers to electrify their homes. Not only will customers enjoy living in more sustainable homes, they may also achieve energy bills savings and household health benefits.

Read more
an overhead shot of a group of houses with solar panels

Handy tips from Australia’s leading home electrification expert

In 2015, researcher and energy advisor Tim Forcey worked out that people could heat their homes with a reverse-cycle air conditioner for potentially a third of the cost of gas. His book, ‘My Efficient Electric Home Handbook’, captures this decade’s worth of advice and insight. So, who better to share some top tips for getting off gas?

Get your copy
Right arrow
a woman cooking in a kitchen on an induction stovetop

Electrification references and resources

We know climate action is a complex topic. That's why we've created this list of sources for statements on our website and other channels on home electrification and other related topics. We’ll keep updating this list as our work in this area continues.

See our sources
Right arrow

Frequently asked questions

What is Bank Australia’s position on the future of gas in homes?

The research is clear, electric buildings will play a critical role in Australia achieving its climate action goals. The Federal Government has set a 2050 net zero goal. Achieving this goal will depend on having the right policy settings and market conditions in place, and Bank Australia is committed to contributing in the ways we can to achieve this.

We also believe all people in Australia deserve to live in comfortable homes, where neither their health nor their financial wellbeing is at risk, and where they know they are contributing to a safe climate future.

‍

What else is Bank Australia doing to take action on climate change?

Our customers tell us climate change is their number one concern, and in 2022 we launched our climate action strategy. We’ve set some of the most ambitious climate action targets in the banking sector, and our strategy contains a range of bold targets for decarbonisation, climate justice, nature and biodiversity, and helping our customers take climate action in their daily lives.

Our goal is to reach net zero emissions by 2035 across our operations and lending portfolio, and we’ve set an interim target for 2030 to ensure we’re on track. This 2030 target has been independently validated by the Science Based Targets Initiative (SBTi).  

We currently offer incentives for customers buying or renovating energy efficient homes with a reduced interest rate via our Clean Energy Home Loan products. We’ll also be ceasing car loans for new fossil fuel cars from 2025.

‍

What is Bank Australia doing to support renters with electrifying their homes?

We understand that many renters would like their homes to come off gas but there are limits to physical or structural changes renters can make.

Some of the most accessible changes are to use a portable induction cooktop, heat your home with a reverse cycle air conditioner if you have one, and choose an energy provider with green power. These changes can also be useful for apartment owners with strata title restrictions like common water heating systems.

Visit our blog for more. As we roll out our climate action strategy and develop our approach to supporting all customers to get off gas, we will be working out how we can best support and work with landlords, renters and apartment owners in the future.