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BOOM! Power delivers simplified home electrification to Bank Australia customers

5 December 2024

Graphic of the BOOM! Power Electrify Your Home tool delivering simplified home electrification to Bank Australia customers
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BOOM! Power has teamed up with Bank Australia to give their customers an easy, informative and trusted pathway to electrify their homes.

The BOOM! Power Electrify Your Home tool allows homeowners to make the best electrification decisions based on financial and environmental benefits, their personal budgets and select certified suppliers.

Combined with Bank Australia’s Clean Energy Home Loan, at a reduced variable rate of 5.38% for the first five years*, the free access to the Electrify Your Home tool is incentivising customers to create more sustainable homes. The Clean Energy Home Loan is supported by the Clean Energy Finance Corporation through its  $1 billion Household Energy Upgrades Fund (HEUF).

“Home electrification is critical to Australia reaching its decarbonisation goals and reducing our cost of living, but it’s often a confusing experience.” 

Alex Houlston BOOM! Power

 

“Home electrification is critical to Australia reaching its decarbonisation goals and reducing our cost of living, but it’s often a confusing experience,” Alex Houlston, BOOM! Power CEO says.

“Our partnership with Bank Australia provides consumers with evidence-based, simple recommendations and choice when it comes to suppliers.

“It’s exciting to be working with a market leader in green loans. Bank Australia has consistently been at the forefront of decarbonisation and continues to lead the way.”

Australia’s existing 11 million homes are responsible for more than 10 percent of total emissions and more than 25% of electricity consumption ¹.  

“As a customer-owned bank, we know our customers care about climate action, so we’ve set a net zero emissions by 2035 target. Supporting our customers to buy, build or renovate energy efficient homes will play a big role in meeting our goal,” Bank Australia Managing Director, Damien Walsh says.

“As a customer-owned bank, we know our customers care about climate action, so we’ve set a net zero emissions by 2035 target. Supporting our customers to buy, build or renovate energy efficient homes will play a big role in meeting our goal.” 

Damien Walsh Bank Australia

The Electrify Your Home tool gives recommendations to homeowners on electrification upgrades in their home, including solar, hot water heat pumps, heating and cooling and more. It connects them with trusted and vetted suppliers in their area, ensuring a quality experience end-to-end.

“Not only does our tool simplify the electrification experience for homeowners, it is underpinned by our technology and processes that verify products, installers and suppliers – giving homeowners peace of mind that they won’t be left high and dry with dodgy products or suppliers that aren’t around for the long term,” Alex says.

The Electrify Your Home tool is available now in Victoria, NSW, ACT and Queensland and will be rolling out nationally in 2025. 

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*For example, on a loan balance of $500,000 on a comparable home loan, this can reduce monthly repayments by $254 for five years with potential savings of $24,500 in interest payments over a 30-year loan term. Based on published variable interest rates effective 30 October 2024, potential interest savings is calculated as a comparison of Clean Energy Home Loan Renovate and Bank Australia Offset Home Loan with a <80% loan-to-value ratio on a $500,000 owner occupied loan with a 30-year term.

¹ Climateworks Centre, Renovation Pathways: Defining zero carbon homes for a climate resilient future, 2023.

Electrify with ActewAGL powered by the BOOM! Power Platform
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