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CoreLogic, in collaboration with the national science agency, CSIRO, is trialling a new artificial intelligence system that estimates energy efficiency for residential properties across the country.
The new AI model, named RapidRate, combines the property data analytics company’s extensive property data with CSIRO’s machine learning algorithms to provide insights on the heating and cooling load and energy efficiency of homes.
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The pilot project will initially provide these insights to CoreLogic’s banking and finance customers, with the aim to make it available to home owners in the future.
It comes as AI intelligence makes its way into banking and finance to improve digital application processess as well as into farming to improve and measure sustainability and productivity.
As energy-efficient homes gain popularity, given the cost of electricity has skyrocketed, CoreLogic international chief executive officer Lisa Claes said there was an “urgent need to fill knowledge gaps around energy performance of existing property” due to data on energy of homes being limited or not readily accessible.
While the Nationwide House Energy Rating Scheme (NatHERS) was rolled out in 1993 to provide a standardised approach and regulatory framework on energy ratings for new residential homes, data is not currently easily accessible and data on homes built before NatHERS is limited.
“It is a thrill to be at the vanguard of revolutionising energy efficiency with Australia’s national science agency, CSIRO, to use innovative technology and data, to develop a solution for one of this generation’s greatest challenges,” she said.
The executive also expressed her belief that the pilot project can pave the way for “more efficient, sustainable and comfortable housing that costs less to run”.
“Combining our considerable breadth and depth of knowledge and respective industry expertise gives us the power and the privilege to make a real and significant difference towards improving energy efficiency performance across the entire residential sector,” Ms Claes stated.
CSIRO chief executive Dr Larry Marshall said the new AI system is another practical solution from science that will help Australians achieve its net-zero emissions target by 2050.
While he acknowledged that the net zero goal was “one of Australia’s greatest challenges”, he expressed his optimism that collaborative science and technology will generate solutions that “will get us there”.
He also highlighted that the widespread adoption of such technologies will be beneficial for home owners and the real estate industry.
“Improving the energy efficiency of homes right around the country can reduce emissions and translate to longer-term energy and cost savings on their energy bills,” Dr Marshall concluded.
[Related: Westpac integrates AI into business lending]
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