The Clean Energy Finance Corporation (CEFC) has poured $20 million into a Commonwealth Bank scheme offering discounted loans for solar, batteries and EV chargers.
CommBank’s ‘Household Energy Upgrades Fund’ includes a digital marketplace offering finance and support for home energy upgrades.
The funding is designed to work alongside the federal government’s new Cheaper Home Batteries Program, which kicks in from 1 July.
The platform, called the Home Energy Upgrades service, is available via the CommBank app and website. It was developed with Brighte, which also hosts the installer marketplace and manages the quoting and installation process. The service aims to simplify decision-making for homeowners and direct them to accredited solar and battery installers.
“We know the whole experience about exploring solar and battery can be confusing and expensive. We want to make it easier,” CommBank’s Joel Larsen said.
Key features include a personalised energy assessment tool, quotes from local installers, government rebate information, and access to discounted personal loans – fixed at 3.99 per cent p.a. for eligible CommBank home loan customers. There is also a potential cashback of up to $1,500 if customers go through Brighte’s network and meet conditions under CommBank’s Yello program.
“This is an initiative that helps households access low interest loans to complement the Australian Government’s Cheaper Home Batteries Program and support further financing needs for their home energy upgrades,” said CEFC consumer finance head Grace Tam.
Brighte, which surveyed homeowners for its 2024 Home Electrification Report, found that high upfront costs and a confusing process remain major blockers to energy upgrades. The new platform aims to remove those pain points – potentially creating new leads for solar retailers already approved on Brighte’s network. Installers must be accredited under Solar Accreditation Australia and follow the New Energy Tech Consumer Code.