5 days ago
ASB & Cogo launch calculator to help Kiwis save energy costs
ASB has introduced an online energy calculator in partnership with carbon management fintech Cogo, offering Kiwis a digital tool to calculate energy savings from home and vehicle electrification.
The online calculator allows users to assess the efficiency of their homes and vehicles. It shows potential cost savings when switching to electric heating, appliances, or vehicles. This approach is designed to help both ASB customers and other New Zealand households make informed decisions that could result in significant savings and increased sustainability.
Energy savings explained
According to research referenced by ASB, consumers could save up to NZD $3,000 per year in energy costs through changes such as switching to electric vehicles or replacing old gas appliances with electrical alternatives. The calculator provides tailored estimates for each home based on property details, energy use, and desired upgrades.
David Jackson, ASB Lend and Protect Tribe Lead, highlighted the collaboration, stating, "The Cogo team are experts in their field at building technology that has great economic and environmental value. We're thrilled to be leading the way by providing this online tool to our customers and to all Kiwi." "Based on research conducted by Rewiring Aotearoa, consumers could save up to $3,000 per year in energy costs with changes such as switching to an EV when it's time for a new car and replacing old gas appliances with electricity. It means that customers looking to upgrade, are able to make an informed decision on cost-effective long-term choices that are also sustainable."
The tool forms part of what ASB describes as an 'electrification ecosystem' on its website. Users receive personalised recommendations detailing possible changes to reduce energy use, the initial investment required, and projected annual savings.
Real-world scenarios
In one example provided by ASB, a four-person household in Birkenhead, Auckland, might save NZD $1,400 per year by switching their heating, hot water, and cooktops to electric options, with estimated upfront costs starting from NZD $15,500. Adding solar installations, at upfront costs from NZD $11,000, could boost savings by an additional NZD $1,600 per year. Opting for an electric vehicle, potentially costing NZD $49,990, may result in another NZD $1,200 saved annually on vehicle running expenses.
The calculator also suggests electric vehicle models that closely match users' current vehicles, simplifying the upgrade decision. Once a user has finalised plans using the calculator, they can connect with Cogo's network of installers who offer exclusive discounts or liaise with ASB's finance team to discuss borrowing options to cover upfront costs. Eligible customers may be able to borrow up to NZD $80,000 at 1% interest for three years via the 'Better Homes Top Up' offer.
Strategic partnership
ASB is the first New Zealand bank to adopt Cogo's Home and Vehicle Electrification solution. The partnership supports a move toward sustainable energy adoption among residents, making the process more accessible by integrating information, supplier connections, and finance within one platform.
Cogo founder and Chief Executive Officer, Ben Gleisner, commented on the alignment between the two organisations, stating, "We share a strong alignment with ASB in our mission to encourage people to take personal action on climate change, and electrifying their homes and cars is a great way to start. Success for us would be thousands of Kiwi making changes that save them money and reduce their carbon footprint."
The Better Energy Calculator is accessible to all Kiwis via the ASB website, offering a practical tool for both householders and vehicle owners to explore potential benefits before committing to upgrades or financial products.
