A new survey has revealed that seven out of 10 Australians believe energy-efficient features will boost their home’s price
According to a research done by CommBank, 71% of Australians think features such as solar panels, double-glazed windows and LED lights will boost their home’s price. The top energy-efficient features that were important to Australians were increased insulation, solar panels and highly efficient water fixtures. Other features, such as solar hot water systems, double-glazed windows, heat pump hot water systems and battery packs, also ranked highly amongst Aussies.
CommBank’s Executive General Manager Home Buying, Michael Baumann, said the research showed energy efficiency was increasingly important for Australians. “Energy-efficient features are proving to be 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,” he said. “Now more than ever, homeowners are faced with affordability challenges and the research identified cost as a barrier to making energy-efficient upgrades, with six in 10 Australians saying that the cost of energy efficiency solutions was preventing them from upgrading their homes.”
The research also revealed that nine in 10 Aussies weren’t aware if their bank offered a low-interest loan or discounted loan to help them cover the upfront costs of making home energy efficiency upgrades. “Buying and installing clean energy products is an investment and making meaningful upgrades to your home can require a significant upfront financial commitment,” he added. “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 are able to apply for a CommBank Green Loan to buy and install eligible products that can make their home more energy-efficient. “In June this year, we increased the maximum loan size for the CommBank Green Loan from $20,000 to $30,000 and expanded the range of eligible products that can be funded,” Baumann said. “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. 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.”
