The rising cost of electricity has many Australians looking for ways to cut their energy bills. One solution? Investing in solar batteries to store renewable energy for later use. To make this transition more affordable, the Commonwealth Bank (CBA) has launched a new incentive, offering a $1,300 discount on the Tesla Powerwall 3.
This initiative aims to ease the financial burden of installing home battery storage, allowing more homeowners to embrace renewable energy while reducing their long-term electricity expenses.
Discount
CBA has partnered with Wattle Powr, a subsidiary of UPowr, to provide this financial incentive to its customers. Here’s what the offer looks like:
| Battery Model | Discount | Provider | Final Price (Excluding GST & Installation) |
|---|---|---|---|
| Tesla Powerwall 3 | $1,300 off | Wattle Powr (UPowr) | $8,589 |
With this discount, homeowners can save up to 14% on the Tesla Powerwall 3, making it more accessible for households wanting to store solar power and reduce their reliance on the grid.
Solar Battery Benefits
Installing a solar battery offers multiple benefits beyond just lower electricity bills.
Lower Grid Dependency
One of the biggest advantages is energy independence. A solar battery stores excess energy generated during the day, allowing homeowners to use it at night or during peak hours. This significantly reduces dependence on the grid.
Nathan Merritt, a Brisbane resident, shared his experience of installing two Tesla Powerwall units. He reported a 94% reduction in grid power usage, dramatically cutting his electricity expenses.
Cost Savings
Electricity prices continue to rise, but a solar battery can help offset these costs. By using stored solar energy instead of buying power from the grid, homeowners can see significant savings on their monthly bills.
Environmental Impact
Switching to solar energy reduces reliance on fossil fuels, lowering carbon emissions and contributing to a cleaner, more sustainable environment.
State-Based Incentives
In addition to CBA’s discount, several states in Australia offer rebates and incentives to encourage solar battery adoption.
| State/Region | Incentive Details |
|---|---|
| New South Wales (NSW) | Discounts from $770 to $2,400, depending on battery capacity. |
| Northern Territory (NT) | Grant of $400 per kWh of usable battery capacity, up to $5,000. |
| Victoria | Interest-free loans up to $8,800 for solar battery installations. |
| ACT | Zero-interest loans ranging from $2,000 to $15,000 for energy-efficient products. |
Although Queensland previously offered rebates of up to $4,000, this program ended on May 8, 2025. However, homeowners in other states still have opportunities to reduce their solar battery costs.
Challenges to Solar Battery Adoption
Despite these financial incentives, many Australian homeowners remain hesitant about installing solar batteries. According to CBA research:
- Interest Levels: About one-third of Aussie homeowners are interested in installing a solar battery.
- Cost Concerns: The high upfront cost remains the biggest deterrent.
- Existing Solar Users: For households already using solar panels, interest rises to 50%, as they see added value in energy storage.
CBA’s Role in Affordable Solar
Joel Larsen, General Manager of Personal Lending at CBA, emphasized the bank’s commitment to making renewable energy more accessible. He noted that reducing upfront costs will help homeowners start saving on electricity bills as soon as possible.
Additionally, with more Australians purchasing electric vehicles (EVs), many are considering integrating solar battery systems to charge their cars with stored solar power. The CBA discount makes this transition more affordable.
Tips for Homeowners
If you’re considering installing a solar battery, here are a few tips:
Analyze Energy Usage
Check your current electricity consumption to determine the right battery size for your needs.
Research Incentives
Look into state and federal rebates, combining them with CBA’s $1,300 discount for maximum savings.
Factor in Installation Costs
Remember, the quoted price often excludes installation and GST, so be sure to factor these expenses into your budget.
Consult a Professional
Talk to a certified solar battery installer for expert advice tailored to your home’s energy needs.
The Commonwealth Bank’s discount, along with state rebates, makes solar battery installation more financially viable than ever. With the growing push toward renewable energy, now is the perfect time to consider making the switch and enjoying a more sustainable, cost-effective way to power your home.
FAQs
Who is eligible for CBA’s solar battery discount?
CBA customers can access the $1,300 discount through Wattle Powr.
What is the final price of the Tesla Powerwall 3?
With the discount, the Tesla Powerwall 3 costs $8,589 (excluding GST & installation).
Are there any state rebates available?
Yes, various states offer incentives, including grants and interest-free loans.
Does the price include installation?
No, installation costs are separate and should be factored into the total cost.
How much can I save on electricity bills?
Savings vary, but some users report up to a 94% reduction in grid usage.
