Discounted home loans for energy efficiency

Wednesday, 18 March, 2020

Discounted home loans for energy efficiency

People can now save money on their home loans by using a Victorian Government energy efficiency scorecard.

The Victorian Residential Efficiency Scorecard provides a star rating and certificate for new and existing homes based on their energy efficiency.

Home loan provider Bank Australia is now offering discount home loans to customers who use the government’s scorecard assessment when buying, building or renovating.

Bank Australia’s Clean Energy Home Loan offers a 0.4% discount on home finance, using the scorecard to determine eligibility.

The scorecard gives householders an easy way to understand how energy efficient their home is and where they can make improvements to help save on energy costs.

“It’s great to see this Australian first program being used to encourage investment in energy-efficient homes that save Victorians money on their power bills,” said Lily D’Ambrosio, Minister for Energy, Environment and Climate Change.

“The scorecard makes it easy to understand how energy efficient your home is and where you can make improvements to cut your energy costs.

“I encourage all Victorians to use the scorecard to improve the energy efficiency of their home and save money.”

Expert assessors use the scorecard to enter information about the fixed features of a home such as heaters, air conditioners, hot water systems, wall and floor materials, insulation, windows and solar power systems — they can then generate an overall energy efficiency star rating and certificate on the spot.

The cloud-based web app gives a star rating out of 10 for their home’s energy costs. The higher the star rating, the more energy efficient a home is and the lower the energy costs.

The certificate breaks down how much energy is being used on heating, cooling, lighting, hot water, pools and spas — as well as what proportion of energy is renewable if, for instance, a home has solar panels.

The scorecard is also being used in various programs to improve energy performance for Victorian households in regional areas and public housing and targeting homes with health issues.

Image credit: © Simsek

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