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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.

To find out more about this offer and InstalPay, visit: commbank.com.au/InstalPay

1CommBank Behavioural Science Centre of Excellence: Insight is from the Climate Action survey (Sep ‘23), including responses from 1,000 Australian home owners of stand-alone and semi-detached properties, limited to owner-occupier respondents only.

2As above.

3As above.

4Australian Energy Council 2024: Battery Storage: Australia’s current climate

Go to CBA Newsroom for the latest news and announcements from Commonwealth Bank.

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Things you should know

  • Media releases are prepared without considering an individual readers objectives, financial situation or needs. Readers should consider the appropriateness to their circumstances. Visit Important Information to access Product Disclosure Statements or Terms and Conditions which are currently available electronically for products of the Commonwealth Bank Group, along with the relevant Financial Services Guide. Target Market Determinations are available here. Applications are subject to approval. Interest rates are correct at the time they are published and are subject to change. Fees, charges and eligibility criteria may apply.

    Offer available only on Tesla Powerwall 3. Not available on Powerwall 2. To qualify, battery to be purchased with Wattle Powr between 12/11/2024 and 31/03/2025. All quotes will expire within 30 days of issue.  Wattle Powr only operates in NSW, ACT, VIC, metropolitan Perth, metropolitan Adelaide and South East QLD. The discount will still be honoured if the installation date is after the offer end date. The discount will appear at Wattle’s checkout online.  Tesla Powerwall Warranty (Australia and New Zealand) applies, and is available at: https://www.tesla.com/en_au/support/energy/powerwall/documents/documents

    To qualify for InstalPay, interest free finance, you must have access to NetBank or the CommBank app and have an eligible transaction account to be linked for repayments. Credit applications are subject to the Bank’s lending criteria and credit approval. View the InstalPay Terms and Conditions. Full terms and conditions will be included in our loan offer. Fees and charges may apply.

    Borrow from $1,000 to $30,000 over a 1 - 5-year loan term.

    InstalPay has a maximum loan term of 5 years. If you're looking for an option with a longer term, explore our Go Green with a Personal Loan guide. If you have a home loan with us, you may be eligible for a CommBank Green Loan attached to your existing home loan, which has a 10 year term.

    Eligibility for the new battery incentives rebates and assistance program.

    If you’re approved and proceed by accepting your contract, Wattle Powr will keep you updated on the progress of your order and installation. Once your goods are installed, CommBank will pay Wattle Powr on your behalf. Other payment options are also available at Wattle's check out.

    Wattle Powr is a New Energy Tech Approved Seller and a certified Tesla Powerwall Installer. Wattle Powr is currently providing services NSW, ACT, VIC, metropolitan Perth, metropolitan Adelaide and South East QLD. To find out more about Wattle, visit wattlepowr.com.au

    InstalPay is only available online. You'll receive your documents, including contract Schedule and InstalPay terms and conditions, digitally, and all communications in relation to the product will be delivered via Email, NetBank or the CommBank app.

    The CommBank app is free to download however your mobile network provider charges you for accessing data on your phone. The CommBank app is available on Android and iOS operating systems (minimum operating system version requirements may apply). Learn more at commbank.com.au/app

    As this information has been prepared without considering your objectives, financial situation or needs, you should consider its appropriateness to your circumstances.

    The target market for these products will be found within the product's Target Market Determination, available by visiting commbank.com.au/tmd