Scotiabank has launched an AI-enabled home energy advice tool for homeowners in Canada, which it describes as the first service of its kind offered by a lender in the country.
Developed with Climative, the tool provides personalised guidance on home upgrades aimed at improving energy efficiency and resilience. It includes estimates of renovation costs, potential savings, available rebates and funding programmes, and other information based on a property's characteristics.
The service is available to all homeowners in Canada, not just Scotiabank clients. For a limited time, the bank is also offering virtual energy coaching to clients who use the tool.
The launch comes amid strong consumer interest in energy-related home improvements and limited awareness of public support schemes. Scotiabank's latest Worry Poll found that 50 per cent of homeowners in Canada plan to renovate in the next five years, and 95 per cent of them view energy efficiency as a key priority.
Yet only 38 per cent said they understand what incentives are available for energy-efficiency work. Just 16 per cent said they would consider consulting a financial adviser to help fund home upgrades.
Consumer gap
Scotiabank and Climative aim to address that gap by combining home-level data with advice on practical retrofit options. The tool can generate an instant rating for a home's energy use, emissions and risk exposure, while also suggesting upgrades and estimating payback periods.
Its recommendations are based on details such as the age of the property and the fuel source used by its heating system. The goal is to help homeowners decide where to begin on improvements that often involve high upfront costs and a confusing mix of subsidy schemes.
For lenders, the move also reflects growing interest in linking consumer finance more closely to property upgrades, particularly as households face higher utility bills and more frequent extreme weather. Banks have increasingly looked for ways to embed climate-related products into mainstream retail banking rather than treat them as specialist offerings.
"Many homeowners in Canada are looking for ways to save on energy costs and improve energy efficiency, but knowing where to start, especially for bigger upgrades, can feel overwhelming. They are looking for advice and flexibility at different points in their journey, not just when they buy."
That is why we are introducing the first-of-its-kind AI-enabled tool to help homeowners understand which home upgrades can make a meaningful difference, what those improvements might cost, and how to access the necessary financing.
Scotiabank Advisors can help explore flexible financing options, including the responsible use of home equity, so upgrades and long-term investments feel more manageable. Whether you're just exploring ideas or ready to move ahead, our team can help homeowners navigate financing to support them in getting the work done," said Anique Asher, Executive Vice President, Real Estate Secured Lending, Scotiabank.
Bank strategy
The partnership gives Climative access to a broader consumer audience through one of Canada's largest banks. For Scotiabank, it adds a digital tool to its mortgage and home financing business at a time when banks are trying to make environmental and climate-related services more relevant to households.
Providing access to tools, guidance and financing for clients pursuing sustainability goals is part of Scotiabank's wider effort to integrate sustainability into its business. The bank reported assets of about AUD $1.5 trillion equivalent in Canadian dollars at the end of January.
Climative, which focuses on data and software for home upgrades, said banks are well placed to influence retrofit decisions because they already sit close to major household spending choices. According to the company, its platform is also used by insurers, governments, utilities and contractors.
"Banks are uniquely positioned to help homeowners take action on home upgrades, and Climative gives them the data to do it at scale," said Winston Morton, Chief Executive Officer, Climative. "With Scotiabank, we're turning property-level intelligence into personalized guidance that helps homeowners make their homes safer, more comfortable, and more affordable. Rising energy costs, increasing insurance rates, and extreme weather are realities homeowners can't ignore, and that's how we help them get future-ready, one home at a time."
Scotiabank also framed the tool as part of a broader effort to support lower-carbon choices in the housing market. "This collaboration reflects Scotiabank's commitment to supporting clients that want to implement lower-carbon solutions in their homes," said Kim Brand, Vice President and Global Head of Sustainable Business, Scotiabank. "By integrating practical climate advice directly into our client experience through Climative's tool, we're helping Canadians take meaningful, accessible steps to improve the efficiency and resiliency of their homes."