“Let's launch a national home energy retrofit campaign to help households across Australia reduce their energy bills.
Most people aren't aware that energy efficiency is typically one of the most lucrative investment opportunities available to households, easily out-performing both property and shares by providing higher returns and lower risks. However households largely under-invest in energy efficiency owing to a lack of information, finance, and other barriers.
The Clean Energy Finance Corporation in partnership with the major banks currently fund a range of energy efficiency and renewable energy projects across Australia. However so far they've struggled to invest in residential energy efficiency projects, despite representing one of the largest and highest return clean energy investments in Australia. The under-financing of residential energy efficiency arises from two key challenges. Firstly, although residential energy efficiency represents a very large pool of potential investment, each project is individually very small, making transaction costs a challenge. Secondly, the costs of auditing homes to identify and estimate the energy savings has historically been an obstacle. Our small startup (www.getecologic.com) recently developed a free app and cloud-based simulation platform capable of rapidly auditing how energy is used around the home and providing individually tailored business cases for home energy efficiency and solar retrofits. We have also developed an electronic marketplace to connect households to energy efficiency and solar providers, financial institutions, and incentive programs, enabling bulk purchasing and financing of energy efficiency and solar PV projects. With modest policy support our small startup and other clean technology businesses could help drive a step change in the uptake of energy efficiency and solar PV, and reduce energy bills across Australia.”