In our technical study, we model an ambitious but realistic pathway to decarbonization of Australian households by 2030. We use historical energy use and pricing data to build a model of current households, then we model the electrification of those households by replacing all fossil fuel burning machines with clean or renewable electricity powered electrical machines. We use this model to investigate combinations of finance, regulatory policy, and incremental technology scaling that would save households and the entire economy money.
With small and predictable improvements in technology costs over the next fifteen years, and with realistic finance and interest rates, the average Australian household could be saving over $5000 per year by the end of this decade, and upwards of $6000 per year by 2035. Collectively, the nation would be saving around $40bN per year by 2030. Over a few years, these savings add up, and by 2035 we'd be seeing savings of over $300 billon dollars for an initial investment of only $12 billion.