Australian households could be saving thousands annually by 2030 if the federal government invests in electrifying homes and vehicles this decade, a new report has found.
The report released on Monday night by think tank Rewiring Australia found that electrification could save the average household $5000 on power and the cost of owning cars and appliances by 2030.
The country's 10 million households contribute the largest portion of domestic emissions, at about 42 per cent, 33.5 per cent of which is due to home energy and personal vehicle usage.
The Australian government would need to invest $12 billion in the early 2020s to "turbocharge" electrification so as to decarbonise households by 2035.
Such investment could see a total of $40 billion per year in savings from Australian households by 2030.
"Australians already lead the world in harvesting solar electricity. Now we have the technology available to use it," Rewiring Australia founder Dr Saul Griffith said.
"With modest public investment in our homes, cars, and communities, we can electrify everything without sacrificing our way of life."
"If we embrace this shift now, we can enjoy cheaper, cleaner, healthier energy, and win the global decarbonisation race."
Savings would be made by replacing conventional cars and appliances with electric vehicles, solar, batteries and efficient appliances such as heat pumps for hot water and heating and cooling.
Saul Griffith, a co-founder of Rewiring America has worked alongside the US to achieve Joe Biden's climate agenda, including the "Electrify America's future resolution" and the Zero-Emissions Homes Act of US senator Martin Heinrich.
