Research from CommBank reveals one third of Australian homeowners are interested in installing battery solutions but are often deterred by the upfront cost.1 Half of Australian homeowners who already have solar are interested in installing battery solutions but are also deterred by the cost.2
To help lower the upfront cost, CommBank has teamed up with Wattle Powr (a registered business of UPowr) to offer for a limited time $1,300 off the Tesla Powerwall 3, Tesla's new home battery storage system, when purchased through Wattle Powr.
Customers can pay upfront by card or spread the cost over up to five years, interest free, with CommBank's instalment payment plan, InstalPay. This exclusive offer allows CommBank customers to get up to 14% off the current full price of the Tesla Powerwall 3 through Wattle Powr, bringing the price down to $8,589 excluding GST and installation.
The Tesla Powerwall 3 allows homeowners to store energy generated from solar panels or from the grid then use it when needed, such as during peak energy demand times. It can be added to existing solar solutions or installed on its own.
This $1,300 saving is in addition to various state-based incentives, including the NSW Incentives for residential batteries program, which provides between $1,600 to $2,400 on upfront battery installation costs if eligible. Both the Tesla Powerwall 3 saving and the NSW government rebate will be automatically applied at the Wattle Powr checkout for eligible CommBank customers.
CommBank General Manager Personal Lending Joel Larsen said CommBank is committed to providing innovative solutions that can help our homeowner customers reduce their energy costs and environmental footprint.
"We know that a huge number of Australian homeowners are interested in installing solar or battery solutions but are often deterred by the upfront costs.3 According to the Australian Energy Council, home battery systems surpassed 250,000 by the end of 2023 but that means less than one in 14 households with solar units have home battery systems installed.4
"That's why CommBank has worked with Wattle Powr to help lower this entry cost for our customers. Our new offering will save customers $1,300 off the upfront cost of a Tesla Powerwall 3 when they purchase and install with Wattle Powr. We're keen to help our customers reduce their electricity bills sooner. For those who have recently bought an EV but held off on purchasing a battery, now is a great time to get a good deal," Mr Larsen said.
