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MAINTAINING A HOME

Could installing a rainwater tank help reduce water bills?

15 July 2022


Installing a rainwater tank at home can be one way to help you reduce your consumption of water from a mains network. Not to mention a boost for the environment.

Here’s how you could make better use of water usage at home with a water tank and how you could potentially save on your future water bills. Reap the benefits of a more sustainable house too.

Know where your water goes to make changes

When you think about water usage, you probably think of water from the tap for a glass of water. But the majority of water costs could stem from use outside the home. In fact, for some households that beautiful green grass out the front and back of your home could consume the most water. 

Following that is the toilet, washing machine, showers and taps. All this domestic water use could add up to hundreds of litres of water a day in the home.

Using rainwater could potentially help cut down your future water bills 

Installing a water tank means you can use rainwater, rather than water from a mains supply for use around the home. That could mean lower costs for your water bills since your water tank is collecting rainwater for use around the home.

Even if you just use the harvested rainwater in your garden, you might start to see some of the savings on a future water bill and your garden will love it!

Going the extra mile with a plumber who can plumb your water tank into your toilet and laundry could potentially lead to more savings.

Cost and lifespan considerations for a water tank

There are a number of different water tanks available in the market. Some examples are below.

A “poly” plastic water tank is the one of the cheapest in terms of upfront cost. However, the price is offset by a shorter lifespan. Fibreglass water tanks are more expensive but may last longer.

You may have seen large concrete water tanks in your town too. They’re used mostly in commercial settings, due to the high cost. Concrete tanks are the granddaddy when it comes to lifespan though, with some lasting half a century.

A good middle ground for cheaper plastic tanks versus more expensive concrete tanks are steel water units. These tanks can last up to three decades.

Depending on where you live, you may also want to consider the rebates you might be eligible for if you are thinking of buying a water tank.

Upfront costs and rebate amounts depend on where you live – it’s important to seek advice from a local licensed water tank manufacturer or supplier before installing one.

Need help financing a new water tank?

If you’re thinking about making some green home upgrades, such as installing a rainwater tank at your home, then it could be a good time to be a Suncorp Bank customer. 

Eligible Suncorp Bank home loan customers could finance eco-friendly home improvements with a special reduced variable equity home loan rate. 

Want to know more?  

Talk to a Suncorp Bank home loan specialist

 

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Banking products are issued by Suncorp-Metway Ltd ABN 66 010 831 722 AFSL No 229882 Australian Credit Licence 229882 (“Suncorp Bank”) to approved applicants only. Please read the relevant Product Information Document, Lending Fees and Charges and Home Package Plus Terms and Conditions before making a decision regarding any Suncorp Bank products. Fees, charges, terms and conditions apply and are available on request or on our Product Information Documents and Forms page.

The Green Upgrades Equity Home Loan Offer is an equity loan available for loan amounts between $10,000 - $25,000 to assist eligible Suncorp Bank Home Loan customers with installing or upgrading an Acceptable Green Upgrade to their home where Suncorp Bank currently holds security over the residential property. Available only on owner occupied loans applied for from 30 June 2022 until 31 January 2022 unless withdrawn earlier. Further terms and conditions apply. For further details about this offer go to the Green Upgrades offer page online.

The information in this article is intended to be of a general nature only and any advice has been prepared without taking into account your particular objectives, financial situations or needs, so you should consider whether it is appropriate for you before acting on it. We do not accept any legal responsibility for any loss incurred as a result of reliance upon it – please make your own enquiries.

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