For decades, gas has been considered the most efficient natural resource for supplying your home with hot water, heating and cooling. As a fossil fuel, however, it has also proven to be a contributor to climate change. Now that the economic climate around the world has caused gas prices to spike, the benefits to your wallet from electrifying the home is getting stronger.

According to a report by Renew, an independent sustainability non-for-profit, it’s a move that could pay off big time. With both gas and electricity tariffs expected to rise further in the near future, it’s homes connected to gas that are likely to feel the increase the most.

“Our findings show that households using gas for heating, cooking and hot water could face bill increases of up to $1900 over the next two years. Efficient all-electric homes with solar face more limited increases of $550 to $741,” says Rob McLeod, Renew’s Policy and Advocacy Manager.

Going solar on top of this can come with even more savings. “All-electric homes with solar can already cut about 75% off energy bills, but rising tariffs mean the gap between all-electric and gas is going to grow even more,” says McLeod.

There are many financial and environmental benefits to going electric but there are also health benefits. For example, cooking with gas in your home releases chemicals and tiny particles known as PM2.5 into the air.1

We've outlined the key appliances which you should consider replacing as you embark on your electrification journey in the home.

Electric heat pumps for hot water efficiency

Many hot water systems still rely on gas but because they can last nearly a decade, a chance to replace them doesn’t come around too often. When it does, going for an electric heat pump system may be the way to go.

Electric heat pumps are currently considered the most energy efficient hot water solution on the market.2 They gather heat from the air outside which they then transfer to your water tank which means lower running costs making this a more cost-effective solution in the longer term when compared to a gas or electric hot water systems. You may even be eligible for Government rebates reducing your upfront cost, for more information you can go to:

Electric heating and cooling solutions

If you have gas space heating, replacing it with an electric alternative can not only make an impact on your energy bills, but it is also a major step to fully electrifying your home. Depending on your personal needs, as well as your climate zone, there are several options:

  • Fans: They can lower your room temperature by three degrees on average and only cost around two cents per hour to run. A ceiling fan with a DC motor, while slightly more expensive than alternatives, use approximately half the energy of a traditional fan.3
  • Electric reverse-cycle air conditioning: This system utilises a heat pump and provides both heating and refrigerated cooling with immense efficiency – on average between 300% and 600%, meaning one electric energy unit can turn into three to six times as much heating or cooling energy. Some units can even turn around as much as 1000%.4

The new era of electric cooking

An effective alternative to gas cooking appliances is an induction stovetop. Induction cooktops use electromagnetic induction to generate a constantly changing magnetic field that transfers an electric current to your cookware in an instant. This means that your induction pans tend to heat up and cool down more quickly, all while using less energy. At the same time, you can maintain full control over temperature settings and timers via an integrated digital touch display. And if no pan is detected on the surface, the plates automatically switch off, so it can be safer around children and pets.

Naturally, this sort of innovative tech tends to be a bit of a bigger financial investment. An average induction cooktop typically starts at around $1500 plus installation. On top of that, you may need to invest in some new cooking equipment which is compatible with an induction cooktop. Plus, you will need to call an electrician to manage the installation. However, induction cooking means lower operating costs and greenhouse gas emissions, particularly if paired with solar and battery.

Going all-electric is a big step towards making your home more sustainable and lowering your energy bills in the long term.

CommBank provides discounted financing solutions for eligible clean energy products such as a Green Loan and Green personal loan discount . To find out more, visit:





Things you should know

  • This information has been provided without considering your individual objectives, financial situation or needs. Before making any decisions, you should consider its appropriateness to your circumstances and consider obtaining professional advice.

    The Commonwealth Bank is not authorised and does not make any assertions about reduced consumption from non-renewable energy sources through clean energy purchases installations. Advice and further information should be sought from relevant certified industry professionals.

    CommBank Green Loan:

    Applications are subject to credit approval, satisfactory security and minimum requirements. Full terms and conditions will be set out in our loan offer, if an offer is made. Fees and charges are payable.

    Personal Loan for eligible green products:

    *Discounted interest rate is available on eligible clean energy products only and subject to verification. Find out more at

    Applications are subject to the Bank’s lending criteria and credit approval. View the Personal Loan Terms and Conditions. Full terms and conditions will be included in our loan offer. Fees and charges may apply. 

    For more information about Target Market Determination (TMD), please refer to the TMD

    Commonwealth Bank of Australia ABN 48 123 123 124, Australian credit licence 234945.