A new pilot program between CSIRO and CoreLogic Australia combines the power of artificial intelligence with property data to get in-depth insights into the energy efficiency of homes in Australia.
The RapidRate tool calculates an energy star rating which includes detailed information on heating and cooling efficiencies.
The tool's star rating will align with the existing Nationwide House Energy Scheme (NatHERS) currently used for new dwellings.
The pilot will enable two of Australia's biggest lenders to produce ratings for their mortgage customers and in the future RapidRate aims to give homeowners and renters direct access to valuable information on their home's energy efficiency.
Minister for Industry and Science Ed Husic said there is a pressing need to chart the energy performance of existing homes which could lead to more sustainable housing that costs less to run.
"This collaboration between CSIRO and CoreLogic is an important step towards achieving this goal," he said.
"Not only does this new pilot offer immediate information on household energy to the financial sector, but it also shows how scientific and technological advancements are key part of Australia reaching net zero emissions.
"Raising awareness of home energy efficiency will encourage homeowners to make their homes more sustainable that will lower power bills," he said.
Assistant Minister for Climate Change and Energy Jenny McAllister said Australian residential houses and apartments are responsible for around 23 per cent of overall electricity use and 11 per cent of total carbon emissions nationally.
"Buying a home is the biggest financial decision many of us will make and this new tool could help arm homebuyers with valuable information not previously available," Senator McAllister said.
"This will work alongside the Government's National Energy Performance Strategy, which focuses on easing pressure on energy bills, improving energy reliability and reducing emissions."
The Nationwide House Energy Rating Scheme (NatHERS) was established in 1993 to provide a consistent methodology and framework to rate the energy efficiency of new buildings.
NatHERS data from 1.1 million homes was used to train and evaluate the RapidRate model, ensuring consistency between systems.
