More households are shifting from interest to action on home electrification, with new Commonwealth Bank data showing strong growth in solar and battery finance across the first nine months of the current financial year.
Lending for solar and battery for the quarter ending in March has doubled when compared with the September quarter.
The big jump in home electrification lending in the December quarter coincided with the end of the federal government’s Energy Bill Relief Fund rebates at the end of 2025. But the latest March quarter data shows that much of that momentum has continued beyond the end of the rebates and into the new calendar year.
The federal Cheaper Home Batteries program has also made solar and battery installations more appealing and has supported increased uptake. From 1 May the program has been updated so that discount levels now vary by battery sizes following an extension of the program announced in December.
CBA General Manager, Consumer Lending, Paul Nicolo said: “Home electrification is gaining real momentum, driven by growing consumer awareness of its benefits and a broader range of accredited installers. Increased competition is giving households more choice and helping make upfront costs more manageable.
“We’re seeing households spend, on average, under $17,000 to install solar and battery systems after rebates and cashback offers – f . Even where financing cashflow benefits can begin almost immediately, with break-even periods potentially being realised shortly after installation to within a few years.”
The shift comes as home electrification gathers pace more broadly across Australia. Industry data shows battery installations have nearly doubled in a year, Australia’s share of rooftop solar continued to increase its contribution to the nation’s electricity supply last year, making up 14.2 per cent of the energy supplied to the grid in 2025 and almost doubling over the last five years since 2020, when it was at 7.2 per cent. (2)
Solar and battery savings are adding up
The combination of solar and battery systems has the potential to make significant cuts to regular power bills. For example, analysis by CommBank energy partner Amber shows the median customer on the Ausgrid NSW network with a 15kWh battery and 10kW solar system could save around $2,500 a year when using Amber as their energy retailer.* Depending on location and provider, households can also reduce their energy costs by selling the excess energy generated by their home systems back into the grid.
CommBank says customer uptake is also being supported by more choice in solar and battery systems available, more accredited vendors, growing rebates and rising consumer confidence in the technology.
“For households considering the move, electrification is becoming less about a distant ambition and more about immediate savings, convenience and control,” Nicolo said.
Electrification on the road
The increased interest in home energy systems is running alongside a boom in electric vehicle sales brought on by fuel price surges and threats of shortages caused by the conflict in the Middle East.
In March CommBank revealed new loans for battery electric vehicle (BEVs) were up 161.5% compared to the weekly average volume recorded in February, before the conflict in Iran began.
On the bank’s Cars for CommBank portal – a car buying assistance service operated in conjunction with Vyro and AutoGrab - EV purchase enquiries had increased by 136% in March, the data showed. Interest in EV finance options is also spiking, CommBank reported, with average daily visits to its EV Car Loan product page up 75% in March compared with February, suggesting more Australians are actively weighing up the numbers before buying.
