It could cost $63 billion to fully electrify Australian homes
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It could cost $63 billion to fully electrify Australian homes

According to a costings document from the Parliamentary Budget Office (PBO), it could cost taxpayers more than $63 billion to fully electrify Australian homes by replacing gas appliances.

The PBO estimated that it would cost $11.3 million to electrify just one suburb in the Australian Capital Territory (ACT), based on a model where $13,000 was spent per household in Canberra to electrify 1,000 homes.

This indicates that it would cost more than $63.3 billion to electrify all 5.1 million households in Australia that currently use gas.

The transition would be funded by government subsidies covering 50% of the cost, with the remaining half funded by households through concessional loans from the government.

The estimate highlights the financial difficulty of transitioning from fossil fuels to renewables, especially given the cost-of-living crisis.

Steve Davies, the CEO of the Australian Pipelines and Gas Association, emphasized that each industry has a responsibility to decarbonize in an economical way during this crisis.

Independent Senator David Pocock has advocated for a national electrification program that promotes renewable energy sources in households to reduce emissions and lower power bills.

He launched a plan for a ‘Suburb Zero’ pilot project last year, which would electrify all households in one suburb in Canberra.

Energy Minister Chris Bowen announced in December 2022 that the government was in talks with the Greens to develop a support package to help households and businesses transition to electrification.

The cost to electrify households comes after a recent report from the Australian Sustainable Built Environment Council, which found that electrification was the “least costly option” for decarbonization.

The data also found that electrified buildings in Australia would save $49 billion between 2024 and 2050 over the ‘business as usual strategy of electrification, gas and offsets.


»It could cost $63 billion to fully electrify Australian homes«

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